MongoDB Inc (NASDAQ:MDB) has reported first-quarter results that beat expectations and guided for a strong 2Q, sending its shares more than 25% higher in pre-market trade.
The software company posted a 29% rise in revenue to $368.3 million for the quarter ended April 30, 2023, above analysts’ consensus estimates of $347 million, as it grew customer numbers by more than 43,100.
Its loss from operations narrowed to $68.5 million from $75.9 million a year earlier, while adjusted earnings per share improved to $0.56 from $0.20 in 1Q 2023, beating the $0.19 expected by analysts.
“The continued strength in new business activity indicates the mission criticality of the MongoDB developer data platform and underscores that investments in innovation remain a top priority for customers,” the company’s president and CEO Dev Ittycheria said in a statement.
"We believe the recent breakthroughs in AI represent the next frontier of software development. We are confident MongoDB's developer data platform is well positioned to benefit from the next wave of AI applications in the years to come,” he added.
The company has guided for 2Q revenue of $388 million to $392 million, higher than the $362 million forecast by analysts, with non-GAAP income per share of $0.43 to $0.46.
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