MongoDB stock rose early Friday after the cloud-based database firm crushed Wall Street’s profit expectations and raised its financial outlook for the year as it signed more multiyear licensing agreements.
After markets closed on Thursday, MongoDB posted adjusted earnings per share for the second quarter ended July of 93 cents versus analyst consensus of 46 cents listed on FactSet. Revenue of $423.8 million was also ahead of the $393.7 million estimated and beat management’s own guidance. Still, the stock was up 4.9% to $399.99 in premarket trading on Friday. The shares have climbed 94% in 2023, as of Thursday’s close.
Guggenheim’s Ma said the report was a “masterclass in beat and raise model” for companies. Ma in his Friday note still kept his Sell rating on the stock citing management’s commentary on consumption growth, which refers to revenue coming from pay-as-you-go pricing models apart from the standard licensing.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »