Shares of MongoDB Inc. (MDB) soared more than 8% during after-hours trading on Thursday following the software company's impressive Q2 2024 earnings report. The company revealed that its earnings exceeded expectations and highlighted its growing dominance in the field of artificial intelligence (AI).
In the second quarter, MongoDB reported a net loss of $37.6 million, or 53 cents per share, compared to a net loss of $118.9 million, or $1.74 per share, during the same period last year. However, after adjusting for one-time items, the company posted earnings of 93 cents per share. Furthermore, MongoDB's revenue also witnessed a substantial increase of 40%, reaching $423.8 million, surpassing analysts' estimates of $394 million.
MongoDB's CEO, Dev Ittycheria, emphasized the company's role in the advancing AI landscape. "We are entering an exciting phase where AI is set to revolutionize application development," he stated. MongoDB provides developers with a unified platform capable of supporting both the fundamental requirements of any application and the demanding needs of AI-specific applications.
Looking ahead, MongoDB has provided optimistic guidance for fiscal year 2024, projecting revenue between $1.596 billion and $1.608 billion. The company also expects adjusted earnings per share to range from $2.27 to $2.35.
Overall, MongoDB's strong Q2 performance and its positioning in the AI sector have ignited investor enthusiasm, as evidenced by the stock's 8% surge after hours. At the close of regular trading, MongoDB's shares were up 1.5%.
