What happened
Shares of MongoDB (MDB -0.59%), 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%.
So what
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."
Image source: Getty Images.
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.
Now what
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.
