Shares of MongoDB (NASDAQ:MDB), an open-source database company, were falling today after the company reported its first-quarter 2021 results yesterday.
As of 1:06 p.m. EDT, the company's stock price was down 7.3%.
MongoDB's revenue increased by 46% to $130.3 million in the first quarter, and the company reported a non-GAAP loss per share of $0.13. The company's results beat analysts' consensus estimates of a loss per share of $0.25 and revenue of $83.1 million.
MongoDB's chief executive officer, Dev Ittycheria, said on the company's first-quarter investor call, "Delivering such strong Q1 results in the midst of the COVID-19 crisis and the associated economic disruption is a testament to the resiliency of our employees, the quality of our execution, the appeal of our technology and our positioning in the marketplace."
But despite the company's revenue and earnings beat in the quarter, investors weren't as optimistic as MongoDB's management. The share price drop today is a reversal of the company's stock gain of more than 27.4% over the past three months.
MongoDB's management issued second-quarter guidance with revenue expected to be $126 million and the company seeing a loss per share of more than $0.39, both at the midpoint. For the full year, management estimates that sales will reach $525 million with a loss of about $1.28 per share.
For now, investors appear to be looking for something more from MongoDB despite the company's earnings beat in the most recent quarter.