Shares of MongoDB (MDB -5.99%) popped as much as 8% today after the company reported third-quarter earnings. The database specialist delivered a classic beat-and-raise performance that impressed investors. As of 12:15 p.m. EST, the stock was up 4%.
Revenue in the fiscal third quarter was $150.8 million, topping the $138.7 million in sales that analysts were modeling for. That resulted in an adjusted net loss of $18.2 million, or $0.31 per share. The consensus estimate had called for $0.44 per share in red ink. The technology company finished the quarter with $966.8 million in cash.
"MongoDB continued to perform at a high level in the third quarter, highlighted by revenue growth that was well ahead of our expectations," CEO Dev Ittycheria said in a statement. "The strength of our product platform and go-to-market execution has established MongoDB as a key strategic partner for any organization looking to innovate quickly to seize new opportunities or to respond to new threats."
MongoDB's guidance also came in strong, with fiscal Q4 revenue forecast in the range of $155 million to $157 million. Wall Street is looking for just $146.1 million in sales next quarter. That should translate into an adjusted net loss of $0.39 to $0.42 per share.
The company also boosted its full-year outlook, with total revenue for fiscal 2021 expected to be $574.4 million to $576.4 million. MongoDB's previous guidance from September had called for full-year sales of $549 million to $554 million.