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Cloud-based database specialist actions MongoDB (NASDAQ: MDB) exploded on Friday. By the time the market closed, equities in growth stocks had risen 26%. The big pop came as investors digested the company’s strong second quarter tax results.
Here’s a look at the key metrics that determine market optimism for the tech company’s stocks.
Image source: Getty Images.
1. Income has jumped
MongoDB’s revenue grew 44% year-over-year, reaching $ 199 million. That figure exceeded analysts’ average estimate for revenue of $ 182 million.
Notably, the 44% growth marked a significant acceleration from the 39% growth of the company recorded in the previous quarter.
2. MongoDB added thousands of new clients
The total number of customers rose from 26,800 in the previous quarter to more than 29,000 by the end of the second fiscal quarter, management said.
“Our performance reflects the desire of nearly every business to use a modern application data platform that allows them to accelerate the pace of their digital innovation agenda,” said MongoDB CEO Dev Ittycheria , in the publication of the company’s second fiscal quarter results.
3. Atlas pulls full blast, as usual
MongoDB’s fully managed cloud database, Atlas, has been MongoDB’s primary growth engine for years. Once again, he did not give up. Atlas revenue grew 83% year-over-year, an acceleration from 73% in the last quarter. The major product now represents 56% of quarterly sales.
4. Strong revenue forecasts
With such business momentum, it was no surprise to see MongoDB raising its revenue outlook for the entire year. Management said it now expects revenue for fiscal 2022 to be between $ 805 million and $ 811 million. This represents an increase from a previous forecast of revenue of between $ 771 million and $ 784 million. Giving more fuel to the action, analysts expected annual revenue of just $ 786 million.
Of course, as management raised its outlook for the full year, it also said it expects a smaller loss than it previously expected. MongoDB said it expects a non-GAAP (adjusted) loss per share for fiscal 2022 of $ 1.20 to $ 1.13. Previously, management expected a non-GAAP loss per share of between $ 1.38 and $ 1.25.
With revenue growth and leadership so impressive for stronger-than-expected full-year results, it’s no surprise that stocks rose on Friday.
The company has serious momentum behind it – and it is becoming an essential platform for building apps. As Ittycheria stated in the company’s earnings release, the company “is increasingly becoming a strategic technology partner and a standard for customers, which supports our ability to generate attractive, large-scale growth in the future. predictable ”.
This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.
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