Even after gaining 33% in August as several analyst firms weighed in with upgrades and increased price targets, MongoDB stock continued to climb early last month, after the company posted fiscal second-quarter 2019 results that handily exceeded expectations.
More specifically, MongoDB's quarterly revenue grew 61.5% year over year to $57.5 million, helped by 63% growth in subscription revenue and a 72% increase in its number of total customers to over 7,400.
MongoDB CEO Dev Ittycheria cited "outstanding performance across the board," with "strong demand from both new and existing customers across a growing number of use cases."
What's more, MongoDB told investors to expect fiscal third-quarter revenue of $59 million to $60 million, good for growth of 43.4% at the midpoint from $41.5 million in the same year-ago period. As such, the company increased its full fiscal-year 2019 outlook to call for revenue of $228 million to $230 million, up from $217 million to $220 million before.
In the end, this was another straightforward beat-and-raise scenario from MongoDB, and the market was simply responding in kind by driving shares to a fresh all-time high.