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MongoDB Inc. shares rallied in the extended session Tuesday after the database company’s results and outlook topped Wall Street expectations.
MongoDB
MDB,
+0.63%
shares surged 8% after hours, following a 0.6% rise in the regular session to close at $281.74. Over the past 12 months, MongoDB shares have slipped 1.9%, while the tech-heavy Nasdaq Composite Index
COMP,
-0.28%
has ticked 1.5% higher, and the S&P 500 index
SPX,
-0.72%
has grown 9.1%.
The company reported a fourth-quarter loss of $84.4 million, or $1.26 a share, compared with a loss of $75.8 million, or $1.25 a share, in the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and other items, was 9 cents a share, compared with a loss of 33 cents a share in the year-ago period.
Analysts surveyed by FactSet had forecast a loss of 22 cents a share, based on MongoDB’s outlook of a loss of 24 cents to 21 cents a share.
Revenue rose to $266.5 million from $171 million in the year-ago quarter driven by growth in the company’s Atlas cloud-native document database service. Analysts expected revenue of $243.4 million, based on the company’s forecast of $239 million to $242 million.
“MongoDB delivered exceptional fourth quarter results, highlighted by delivering 85% Atlas revenue growth and surpassing $1 billion in annualized revenue,” said Dev Ittycheria, MongoDB chief executive, in a statement.
MongoDB forecast an adjusted loss of 12 cents to 8 cents a share on revenue of $263 million to $267 million for the first quarter, and a loss of 51 cents to 29 cents a share on revenue of $1.15 billion to $1.18 billion for the year.
Analysts had estimated a loss of 17 cents a share on revenue of $253.6 million for the first quarter, and a loss of 53 cents a share on revenue of $1.15 billion for the year.
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