Why MongoDB Stock Was Soaring Today
Shares of MongoDB (NASDAQ: MDB) were skyrocketing Friday after the cloud-based database specialist outperformed Wall Street's expectations on both the top and bottom lines in its fiscal second quarter and offered better-than-expected guidance. As of 12:59 p.m. EDT, the stock was up 24.7%.
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In its fiscal second quarter, which ended July 31, revenue at MongoDB rose 44% to $198.7 million, ahead of estimates at $184.2 million. That was also its fastest growth rate in five quarters. Growth was once again driven by Atlas, the company's fully managed cloud database, which saw sales jump 83% and made up 56% of total revenue in the period.
Source Fool.com
