MongoDB raised its outlook for the third quarter after delivering strong second-quarter results. The earnings land after a bevy of MongoDB launches focused on generative AI workloads.
The company projected third quarter revenue of $400 million to $404 million with non-GAAP earnings of 47 cents a share to 50 cents a share. For fiscal 2024, MongoDB projected revenue of $1.596 billion to $1.61 billion with non-GAAP earnings of $2.27 a share to $2.35 a share.
MongoDB previously projected fiscal 2024 revenue between $1.52 billion to $1.54 billion with non-GAAP earnings of $1.42 to $1.56 a share.
- MongoDB launches Atlas Vector Search, Atlas Stream Processing to enable AI, LLM workloads
- Constellation ShortList™ Hybrid-Cloud and MultiCloud NoSQL Databases
That optimistic outlook is partly fueled by the strong second quarter. MongoDB said it is capturing workloads and bolstering margins as developers seek a unified platform for AI workloads. CEO Dev Ittycheria said MongoDB's Atlas platform was gaining enterprise traction.
At MongoDB's local developer conference in New York, the company launched a bevy of features including Atlas Vector Search, Atlas Stream Processing and Atlas for Industries.
The company reported second-quarter revenue of $423.8 million, up 40% from a year ago, with non-GAAP earnings of 93 cents a share. MongoDB's net loss was 53 cents a share.
Wall Street was looking for non-GAAP earnings of 45 cents a share on $390.87 million.