Dev Iticheria, CEO of MongoDB

Scott Mill | CNBC

Actions MongoDB rose 22% in extended trading Thursday after the database software maker posted sharp fiscal first-quarter earnings and cut its full-year guidance.

income: 56 cents per share, adjusted, versus 19 cents per share, as analysts expected, according to Refinitiv.

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income: $368 million versus the $347 million analysts expected, according to Refinitiv.

MongoDB’s revenue increased 29% year-over-year in the quarter ended April 30, according to the statement. Net loss for the quarter was $54 million, or 77 cents a share, compared with $77 million, or $1.14 a share, in the year-ago quarter, even as the company increased spending on sales, marketing and research and development.

The company added 2,300 customers in the quarter for a total of 43,100, beating the StreetAccount consensus of 42,430.

Organizations are focusing on innovation but are still scrutinizing technology investments, CEO Dev Ittycheria said on a conference call with analysts.

During the quarter, MongoDB extended its partnership with Alibaba through 2027. The arrangement has “resulted in 8x growth in consumption” since its launch in 2019, MongoDB said in a statement.

In terms of guidance, management is calling for fiscal second-quarter earnings of 43 cents to 46 cents per share on revenue of $388 million to $392 million. Analysts polled by Refinitiv had expected 14 cents in adjusted earnings per share and $362 million in revenue.

MongoDB raised its fiscal 2024 forecast for both revenue and earnings. Guidance calls for adjusted earnings per share of $1.42 to $1.56 on revenue of $1.522 billion to $1.542 billion, representing growth of 19.5%. In March, MongoDB said it expected full-year adjusted earnings per share of 96 cents to $1.10 on revenue of $1.48 billion to $1.51 billion. Analysts had expected adjusted earnings of $1.03 per share and $1.51 billion in revenue.

Before after-hours, MongoDB shares were up 49% this year, compared with a roughly 10% gain for the S&P 500.

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