Cloud company MongoDB soared Wednesday after crushing earnings expectations for the the fourth quarter of its fiscal year 2019.
Shares were up more than 18 percent in extended trading, exceeding $120 per share.
Here’s how the company did compared with Wall Street estimates:
- Loss per share: 17 cents vs. 38 cents, according to Refinitiv consensus estimates
- Revenue: $85.5 million vs. $74.0 million, according to Refinitiv consensus estimates
Quarter revenue represents a 71 percent increase from the year-ago period. The segment is up 400 percent year over year and accounted for nearly a third of total revenue during the quarter.
“MongoDB Atlas, our fully managed global, multi-cloud database service, achieved a major milestone in the fourth quarter, surpassing $100 million in annualized revenue run rate less than three years from launch,” CEO Dev Ittycheriasaid in a statement. “MongoDB Atlas’ tremendous growth highlights its compelling value to enable customers to focus on innovation and offload the operational burden of database management.”
MongoDB is projecting a loss per share for the fiscal first quarter of 2020 between 23 cents and 25 cents, on revenues between $82 million and $84 million. For the full fiscal year of 2020, the company expects a loss per share between 98 cents and $1.06, on revenues between $363 million and $371 million.
The company’s stock has been on a tear of late, up 25 percent already in 2019 and up more than 175 percent in the last 12 months.
Twice in recent months MongoDB shares have plunged on concerns about competition from Amazon. On Jan. 10, the stock tanked on news that Amazon was rolling out cloud-based software called DocumentDB to directly compete with MongoDB. And on Feb. 26, it plummeted after an analyst said that Lyft, one of MongoDB’s big customers, “is in the process of a massive database migration” to another service.
WATCH:
MongoDB CEO: IBM is helping us seize on a $60 billion market opportunity
Be the first to comment