MongoDB (NASDAQ:MDB) blasted up over 25% in after-hours trading today as the company reported earnings for the third quarter of Fiscal Year 2023. TipRanks estimates called for the company to turn in a loss of $0.17. However, the company not only didn’t post a loss, but it posted earnings of $0.23 per share.
That wasn’t the only win for MongoDB; the company posted revenue of $333.6 million against estimates calling for $305.09 million.
The company offered financial guidance as well for both the fourth quarter and the full year. MongoDB expects to pull in revenue of $334 million to $337 million for the fourth quarter. Further, it expects full-year figures to come in between $1.257 billion and $1.26 billion.
A recent partnership effort with Microsoft (NASDAQ:MSFT) gave MongoDB a hand. The company’s MongoDB Atlas would be part of the Azure Marketplace and Portal. Further, MongoDB got kudos from The Forrester Wave, as it landed a leadership position in Translytical Data Platforms for the fourth quarter of 2022.
Even after its massive upward surge, the company still offers 62.99% upside potential, as the average price target is $235.83.
