Shares of MongoDB (NASDAQ:MDB) jumped in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2024. Earnings per share came in at $0.93, which beat analysts’ consensus estimate of $0.46 per share.
Sales increased by 39.6% year-over-year, with revenue hitting $423.8 million. This beat analysts’ expectations by more than $32 million. This was primarily driven by a 40% growth in subscription revenue, which made up the bulk of sales, coming in at $409.3 million.
Looking forward, management now expects revenue and adjusted earnings per share for Q3 2024 to be in the ranges of $400 million to $404 million and $0.47 to $0.50, respectively. For reference, analysts were expecting $386.73 million in revenue along with an adjusted EPS of $0.25.
Overall, Wall Street has a consensus price target of $407.18 on MDB stock, implying 6.79% upside potential, as indicated by the graphic above.
