Earnings Results: MongoDB stock surges as results and forecast beat expectations

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MongoDB Inc. shares rose sharply in extended trading after the database-platform company posted third-quarter revenue that increased 50% year over year and narrowed its loss, beating analyst expectations.

MongoDB
MDB,
-4.63%

shares surged after hours and were up about 17% as of 4:30 p.m. Eastern, after falling more than 4.5% in the regular session to close at $429.34. 

The New York-based company said it continued to add customers in the third quarter, bringing its total to more than 31,000, up about 2,000 from the previous quarter.

MongoDB reported a third-quarter net loss of $81.3 million, or $1.22 a share, compared with a loss of $72.7 million, or $1.22 a share, in the year-ago period. Adjusted loss was 11 cents a share, adjusted for stock-based compensation and other costs. Revenue rose to $226.9 million from $150.8 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast an adjusted loss of 38 cents a share on revenue of $205.3 million.

MongoDB expects an adjusted fourth-quarter net loss of 24 cents a share to 21 cents a share on revenue of $239 million to $242 million. Analysts had forecast a loss of 34 cents a share on revenue of $227.8 million.

Shares of MongoDB have risen nearly 20% year to date, while the S&P 500 Index
SPX,
+1.17%

has seen a 22% increase so far this year.

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