MongoDB Inc. shares MDB soared more than 15% higher in after-hours trading Thursday, after the database-software company’s earnings and forecast crushed expectations. MongoDB reported a first-quarter loss of $54.2 million, or 77 cents a share, on sales of $368.3 million, up from $285.4 million a year ago. After adjusting for stock compensation and other effects, the company reported earnings of 56 cents a share, up from 20 cents a share a year ago.
Analysts on average were expecting adjusted earnings of 18 cents a share on sales of $348 million, according to FactSet. Chief Executive Dev Ittycheria credited the outperformance to signing up more new customers in the new quarter than MongoDB had in more than two years. “MongoDB began fiscal 2024 with strong first quarter results, highlighted by 40% Atlas revenue growth and the most net new customer additions in over two years,” he said in a statement.