Software Maker MongoDB Surges 35% After Raising Forecast

Shares of MongoDB (MDB:US) erupted higher on Friday after the database software company reported stronger-than-expected first-quarter results and hiked its full-year forecast.

MongoDB earned $0.56 in the first quarter on an adjusted basis, significantly better than the $0.18 expected from analysts. Revenue rose 29% year-over-year to $368.3 million, again easily ahead of the Street at $346.5 million. 

“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," said Dev Ittycheria, President and Chief Executive Officer of MongoDB.

For this quarter, MongoDB said it sees adjusted EPS of $0.43 - $0.46 on revenue of $390 million. This Q2 forecast crushed analyst estimates that called for a profit per share of $0.15 on revenue of $361 million.

As a result, MongoDB hiked its full-year forecast. It now expects an adjusted EPS of $1.49 on revenue of $1.53 billion. It had previously expected to report a full-year profit per share of $1.04 on revenue of $1.495 billion.

Analyst consensus stood at $1.03 for EPS and $1.51 billion for revenue. 

Representative Josh Gottheimer reported that he acquired some MDB shares on February 13 when the stock closed at $217.30. Shares were seen trading just below the $400 handle on Friday. Similarly, Congressman Ro Khanna also traded the stock last year.