After-Hours Action: Why MongoDB Stock Is Moving Higher

After-Hours Action: Why MongoDB Stock Is Moving Higher

MongoDB Inc MDB shares are trading higher in Wednesday's after-hours session after the company reported better-than-expected top-line results and issued guidance above analyst estimates.

MongoDB said first-quarter revenue increased 57% year-over-year to $285.45 million, which beat the estimate of $266.45 million, according to data from Benzinga Pro. The company said the strong revenue growth was primarily driven by 82% growth in Atlas, MongoDB's cloud database service.

The company reported quarterly earnings of 20 cents per share, which was up from a loss of 15 cents per share year-over-year.

"Our Q1 results give us increased confidence in our ability to capture the large market opportunity over the long term," said Dev Ittycheria, president and CEO of MongoDB.

MongoDB expects second-quarter revenue to be between $279 million and $282 million versus the estimate of $277.85 million.

See Also: Why Stock Is Plunging After Hours

MDB Price Action: MongoDB shares have traded between $213.39 and $590 over a 52-week period.

The stock was up 6.94% in after hours ta $256.03 at press time.

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