MDB - Why MongoDB Stock Exploded Higher on Friday
2023-06-02 11:32:30 ET
Shares of MongoDB (NASDAQ: MDB) charged sharply higher Friday, surging as much as 35.4%. As of 10:57 a.m. ET, the stock was up 30.7%.
The catalyst that drove the database-as-a-service provider higher was its quarterly financial results, which soared past even the most bullish expectations.
For its fiscal 2024 first quarter (ended April 30), MongoDB delivered revenue of $368.3 million, up 29% year over year, signaling to investors that the worst may have passed. At the same time, the company delivered adjusted earnings per share (EPS) of $0.56, surging 180%.
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Why MongoDB Stock Exploded Higher on Friday