MongoDB stock drops as revenue outlook falls short

MongoDB Inc.
MDB,
+2.26%
shares dropped in the extended session Wednesday after the database company’s revenue outlook overshadowed better-than-expected results. MongoDB shares fell as much as 11% after hours, following a 2.3% rise in the regular session to close at $228.70. The company forecast adjusted earnings of 17 cents to 20 cents a share on revenue of $344 million to $348 million for the current, or first fiscal, quarter; and 96 cents to $1.10 a share on revenue of $1.48 billion to $1.51 billion for the year. While analysts surveyed by FactSet, on average, had estimated 14 cents a share and 64 cents a share in adjusted earnings for the quarter and the year, respectively, they also expected revenue of $354.7 million and $1.59 billion for the quarter and year. MongoDB reported a fourth-quarter loss of $64.4 million, or 93 cents a share, compared with a loss of $84.4 million, or $1.26 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 57 cents a share, compared with 10 cents a share in the year-ago period. Revenue rose to $361.3 million from $266.5 million in the year-ago quarter. Analysts had forecast earnings of 7 cents a share on revenue of $339.3 million.