Database software startup MongoDB (MDB) reported second-quarter results late Wednesday that soundly beat estimates on the top and bottom lines, but its earnings outlook fell short. MongoDB stock initially fell in after-hours trading, then reversed higher.
The company reported an adjusted loss of 22 cents per share on revenue of $138.3 million. Wall Street expected a loss of 40 cents on revenue of $126.8 million. It has yet to show a profit.
The company expects third-quarter revenue in the range of $137 million to $139 million. That's above Wall Street estimates of $130.6 million. However, it expects an adjusted loss in the range of 45 cents to 48 cents, vs. Wall Street estimates of a 38-cent loss.
MongoDB stock climbed 2.5%, near 245.50, during after-hours trading on the stock market today. During regular hours, MongoDB stock hit a record intraday high of 258.05, but ended the day down 4.5%, closing at 239.53.
MongoDB provides an open-source database software platform. It has a subscription-based, software-as-a-service business model.
"MongoDB's strong second-quarter performance reflected impressive sales execution and the growing strategic importance of our modern data platform in solving many of our customers' most complex digital transformation challenges," Chief Executive Dev Ittycheria said in written remarks with the earnings release.
MongoDB stock is up 82% this year.
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