The stock market had a mixed showing on Thursday, with major indexes generally remaining close to where they started the session. News that a possible resolution of trade tensions between the U.S. and China would have to wait until April at the earliest was mildly discouraging, but favorable domestic economic reports helped keep investors reasonably happy. Some strong earnings results also lightened the mood, and MongoDB (NASDAQ:MDB), Domo (NASDAQ:DOMO), and Snap (NYSE:SNAP) were among the top performers. Here's why they did so well.
MongoDB climbs into the cloud
Shares of MongoDB skyrocketed more than 25% after the cloud database specialist released its fourth-quarter financial results. MongoDB said that sales soared 71% compared to the year-earlier quarter as revenue from its Atlas multicloud database service quintupled from the same period last year. CEO Dev Ittycheria noted that Atlas hit the $100 million mark in terms of annualized revenue run rate in less than three years, and the platform now makes up about a third of MongoDB's total sales. The company sees revenue growing another 36% to 39% over the coming fiscal year, and investors are pleased to see MongoDB standing up to the competition so strongly.
Domo's stock jumped 21% following the business software company's presentation of its fourth-quarter financials. The Utah-based provider of cloud-based business operating systems said that revenue climbed 31% from year-earlier levels, with more than four-fifths of sales coming from subscribers. In addition, Domo expects to generate sales growth of 21% to 22% this year. Although the company remains far from profitability, investors nevertheless believe that Domo is in the right place at exactly the right time to prosper in the long run.
Snap gets a vote of confidence
Finally, shares of Snap climbed 12%. The Snapchat operator received positive comments from analysts at BTIG, who boosted their rating on the stock from neutral to buy and set a price target of $15. The analysts pointed to signs of improvement from the vast troubles that Snap has gone through over the past couple of years, including the fact that users remain loyal and ad quality has been on the rise. Snap still has a long way to go before it's in the clear, especially with investigations still outstanding, but shareholders appear excited at the possibility that the worst is over for the social media company.