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MongoDB shares jump more than 20% after database company beats expectations and raises guidance

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MongoDB flagged continued scrutiny over technology spending, but acquired more clients than analysts had expected during the quarter ending April 30.

56 cents per share, adjusted, vs. 19 cents per share as expected by analysts, according to Refinitiv.MongoDB's revenue increased 29% year over year in the quarter that ended April 30, according to a. The net loss for the quarter came out to $54 million, or 77 cents per share, compared with $77 million, or $1.14 per share, in the year-ago quarter, even as the company increased spending on sales and marketing and research and development.

Innovation remains a priority inside organizations, Ittycheria said. But he also said, "it's clear customers continue to scrutinize their technology investments and must decide which technologies are a must-have, versus merely nice to have." With respect to guidance, management called for fiscal second-quarter earnings of 43 cents to 46 cents per share on $388 million to $392 million in revenue. Analysts surveyed by Refinitiv had been looking for 14 cents in adjusted earnings per share and $362 million in revenue.

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