MongoDB stock surges as results and forecast beat expectations

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Shares of MongoDB Inc. rose sharply after the database-platform company posted third-quarter revenue, up 50% year over year and narrowing its losses, beating analyst expectations.

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mongodb mdb,
-4.63%
Shares jumped after hours and were up about 17% as of 4:30 p.m. Eastern, closing at $429.34 after falling more than 4.5% in the regular session.

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

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

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

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

Shares of MongoDB are up about 20% so far, while the S&P 500 index SPX,
+1.17%
This year has seen a growth of 22% so far.

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