Database engine MongoDB Inc. (NASDAQ:MDB) posted a strong second-quarter performance, sending the stock rallying after hours, amid surprising claims by the company’s CEO, Dev Ittycheria, regarding its AI workloads and customer base.
AI Customers ‘Not A Material Driver’ Yet
During the company’s second-quarter earnings call on Tuesday, Ittycheria said that its performance during the quarter was led largely by enterprise workloads, and not AI-native startups.
Ittycheria noted that AI customers and workloads were “not a material driver” yet, with its core business and customer base still leading the way.
See Also: MongoDB Anticipates AI Expansion—Are Traditional Systems A Barrier?
He notes that AI remains a long-term opportunity, but says that adoption is still in early stages. “While we’re very happy with the AI customers increasingly choosing MongoDB, it was not a material mover of the needle for our growth,” he said during the call.
Ittycheria then highlighted the nature of its current customer mix. “Over 70% of the Fortune 500, as well as seven of the 10 largest banks, 14 of the largest 15 healthcare companies, nine of the 10 largest manufacturers globally are customers," he says.
Stock Rallies In Premarket
MongoDB released its second-quarter results on Tuesday, reporting $591.4 million in revenue, up 24% year-over-year, and significantly ahead of consensus estimates at $552.45 million. It posted a profit of $1 per share, against analyst estimates of $0.66 per share.
Besides this, the company raised its guidance for the full year, with revenues now expected between $2.34 billion and $2.36 billion, against estimates of $2.29 billion.
Full-year earnings estimates stand at between $3.64 per share and $3.73, which is once again ahead of Street consensus at $3.10.
The stock was down 1.88% on Tuesday, closing at $214.34, but is up 29.81% premarket hours, following its second-quarter earnings release. It, however, scores poorly in Benzinga’s Edge Stock Rankings, but has a favorable price trend in the short, medium and long terms. Click here for deeper insights into the stock.
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