Why MongoDB Stock Popped This Week
Shares of MongoDB (NASDAQ: MDB) popped by as much as 23.9% this week, according to data from S&P Global Market Intelligence. The developer data platform, which is trying to disrupt the database market, put up impressive growth in its Q3 earnings report; this caused investors to bid up its shares. As of market close on Friday, Dec. 9, the stock is up 19.7% this week.
After the market closed on Dec. 6, MongoDB reported earnings for the three months ending in October. Revenue grew an impressive 47% year over year to $333.6 million, handily beating analyst expectations of $303.4 million heading into the report. Earnings were also solid, with adjusted earnings per share (EPS) of $0.23 vs. analyst expectations for a loss of $0.17 per share. Beating analyst estimates is the key reason that MongoDB's stock popped so much in the days following its earnings release.
On top of this revenue beat, MongoDB management raised its full-year fiscal 2023 guidance to $1.26 billion, compared to its previous estimate of $1.2 billion.
Source Fool.com
