Shares of cloud-based database specialist MongoDB (MDB 4.38%) skyrocketed on Friday. By the time the market closed, shares of the growth stock had risen a staggering 26%. The big pop came as investors digested the company's outstanding fiscal second-quarter results.
Here's a look at the key metrics driving the market's bullishness for shares of the tech company.
Image source: Getty Images.
1. Revenue surged
MongoDB's top line grew 44% year over year, rising to $199 million. That figure blew past analysts' average estimate for revenue of $182 million.
Notably, 44% growth marked a significant acceleration from the 39% growth the company posted in the prior quarter.
2. MongoDB added thousands of new customers
Total customers increased from 26,800 in the prior quarter to more than 29,000 by the end of fiscal Q2, management said.
"Our performance reflects the desire of nearly every business to use a modern application data platform that enables them to accelerate the pace of their digital innovation agenda," said MongoDB CEO Dev Ittycheria in the company's fiscal second-quarter earnings release.
3. Atlas is firing on all cylinders, as usual
MongoDB's fully managed cloud database Atlas has been MongoDB's primary growth driver for years. Once again, it didn't let down. Atlas revenue increased 83% year over year -- an acceleration from 73% last quarter. The important product now accounts for 56% of quarterly revenue.
4. Strong revenue guidance
With so much business momentum, it wasn't surprising to see MongoDB lift its full-year outlook for revenue. Management said it now expects fiscal-year 2022 revenue to be between $805 million and $811 million. That's up from a previous forecast for revenue to be between $771 million and $784 million. Giving the stock more fuel, analysts were expecting full-year revenue of just $786 million.
Of course, with management lifting its outlook for the full year, it also said it expects a narrower loss than it was previously forecasting. MongoDB said it expects a non-GAAP (adjusted) loss per share for fiscal 2022 of $1.20 to $1.13. Previously, management was expecting a non-GAAP loss per share between $1.38 and $1.25.
With such impressive top-line growth and management guiding for stronger-than-expected full-year results, it's not surprising that shares moved higher on Friday.
The company has some serious momentum at its back -- and it's becoming a critical platform for application building. As Ittycheria said in the company's earnings release, the company "is increasingly becoming a strategic technology partner and standard for customers, which supports our ability to generate attractive growth at scale for the foreseeable future."
