MongoDB, Inc. (NASDAQ:MDB) shares are moving higher Thursday. The company reported better-than-expected first-quarter earnings on Wednesday after the market closed.

What To Know: MongoDB reported adjusted earnings per share of $1.00, beating the consensus estimate of 66 cents. In addition, the company posted sales of $549.01 million, beating the consensus estimate of $528.22 million, and representing a 22% year-over-year climb.

The company broke down revenue further, stating subscription revenue was $531.5 million, a 22% year-over-year increase, and services revenue was $17.5 million, a 28% year-over-year rise.

MongoDB also announced an additional $800 million share repurchase authorization. This brings the company’s total buyback authorization to $1 billion.

Outlook: The company sees second-quarter adjusted earnings per share from 62 cents to 66 cents, versus the consensus estimate of 59 cents. Furthermore, the company expects sales from $548 million to $553 million, versus the consensus estimate of $549.76 million.

MongoDB now anticipates fiscal-year adjusted earnings per share from $2.94 to $3.12, versus the consensus estimate of $2.60. It previously saw adjusted earnings per share from $2.44 to $2.62.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

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MDB Price Action: At the time of writing, MongoDB stock is trading 15.8% higher at $231.32, according to data from Benzinga Pro.

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