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MongoDB Inc MDB shares are trading lower in Wednesday’s after-hours session. The company reported fourth-quarter financial results and issued weak revenue guidance after the close.
Q4 Results: MongoDB said fourth-quarter revenue increased 36% year-over-year to $361.3 million, which beat average analyst estimates of $337.66 million, according to Benzinga Pro. The company reported quarterly earnings of 57 cents per share, which may not compare to estimates of 7 cents per share.
MongoDB said it continues to see strong customer growth. The company had more than 40,800 customers at the end of January.
Outlook: MongoDB sees first-quarter revenue in a range of $344 million to $348 million versus estimates of $355.93. The company sees first-quarter adjusted earnings in a range of 17 cents to 20 cents per share versus estimates of 14 cents per share.
MongoDB expects full-year 2024 revenue to be between $1.48 billion and $1.51 billion versus estimates of $1.58 billion. Full-year earnings are expected to be between 96 cents per share and $1.10 per share versus estimates of 61 cents per share.
“As we enter fiscal 2024, we are incredibly optimistic about the opportunity ahead for MongoDB as we continue to disrupt one of the largest markets in software,” said Dev Ittycheria, president and CEO of MongoDB.
“We remain focused on acquiring new customers and workloads while driving greater efficiency across the business, which we are confident will enable us to further capitalize on our long-term opportunity when economic conditions normalize.”
MDB Price Action: MongoDB shares are down 9.34% after hours at $207.33 at time of publication, according to Benzinga Pro.
Photo: Web Summit from Flickr.
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Image and article originally from www.benzinga.com. Read the original article here.