MongoDB Inc (NASDAQ:MDB) was up over 6% in early deals, at $450.70, following much better-than-expected quarterly financials driven by rising AI-related activity.
The database software specialist reported a 40% jump in revenue, allowing a significant narrowing of its second-quarter loss – shrinking to $37.6 million from $118.9 million a year ago.
AI makes MongoDB’s competitive advantage (in flexible database schemas) even stronger, the company told investors in a statement released after Thursday’s close.
“We are at the early stages of AI powering the next wave of application development,” said chief executive Dev Ittycheria.
“We believe MongoDB provides developers a unified platform that supports both the foundational requirements necessary for any application and the exceptionally demanding needs of AI-specific applications, making our competitive advantage even stronger in the world of AI."
He added: “MongoDB delivered excellent results in the second quarter, highlighted by 40% revenue growth, continued strength in new workload acquisition and record operating margin.
Looking to the full year, MongoDB pitched new revenue guidance at US$1.59 billion to US$1.6 billion, and said it expects earnings per share in the range between $2.27 and $2.35.