MongoDB surges after hiking annual profit, revenue forecasts

Mongodb

30/08/2024 19:14

** Software firm MongoDB's  MDB.O  shares jump 17% to
$287.52
    ** Company raised its forecasts for full-year revenue and
profit on Thursday
    ** MDB now sees FY25 revenue in the range of $1.92 bln to
$1.93 bln vs $1.88 bln to $1.90 bln expected earlier
    ** Company raises its annual forecast for adjusted EPS to
between $2.33 and $2.47 vs $2.15 to $2.30 earlier
    ** At least 13 brokerages raise price targets on the stock
after results
    ** "The solid beat-and-raise suggests the worst of a 2-year
growth moderation is now behind MDB," analysts at Piper Sandler
write in a note 
    ** MDB reported Q2 total revenue of $478.1 mln, an increase
of 13% year-over-year 
    ** "We believe we are incredibly well positioned to help
customers incorporate generative AI into their business and
modernize their legacy application estate" - CEO Dev Ittycheria 
    ** Quarterly net loss widened to $54.5 mln vs $37.6 mln, a
year ago 
    ** Including session gains, stock down ~30% YTD

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))