HomeEquities ScoreHere’s to why MongoDB Inc. (MDB) stock soars during after-hour trading session?

Here’s to why MongoDB Inc. (MDB) stock soars during after-hour trading session?

MongoDB Inc. (NASDAQ: MDB) stock gained by 2.09% at last close while the MDB stock price surges by 13.23% in the after-hours trading session. MongoDB is a prominent contemporary, general-purpose database platform that allows developers and the applications they create to harness the power of software and data. MongoDB, based in New York, has over 29,000 clients in over 100 countries.

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MDB stock’ Financial Highlights

MongoDB reported its second-quarter fiscal 2022 financial results. The summary is stated below:

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  • Net revenue was $198.7 million for the second quarter fiscal 2022 which is a rise of 44 percent year over year.
  • In the second quarter of fiscal 2022, gross profit was $138.0 million, reflecting a 69 percent gross margin, which was comparable with the year-ago period. The non-GAAP gross profit was $142.9 million, indicating a non-GAAP gross margin of 72 percent.
  • In the second quarter of fiscal 2022, the loss from operations was $72.5 million which is an increase from $49.8 million the year before. The non-GAAP loss from operations was $11.5 million, up from $10.2 million the previous year.
  • In the second quarter of fiscal 2022, the company lost $77.1 million, or $1.22 per share, on 63.4 million weighted-average shares outstanding.
  • MongoDB has $1.8 billion in cash, cash equivalents, short-term investments, and restricted cash as of July 31, 2021.
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Dev Ittycheria, President and CEO of MongoDB stated,

MongoDB’s second-quarter results were outstanding across the board, with Atlas revenue increasing by 83 percent. Their success reflects virtually every company’s desire to adopt a contemporary application data platform that allows them to advance their digital innovation agenda.MongoDB is quickly proving to be the quickest and most appealing approach to create contemporary apps. MongoDB 5.0, which includes new features such as Atlas Serverless, Live Resharding, Versioned API, and native time series support, is the best evidence of how they’re addressing a growing list of key business challenges for their clients.

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