By Levi Sumagaysay
MongoDB Inc. shares rose sharply in extended trading after the database-platform company posted third-quarter revenue that increased 50% year over year and narrowed its loss, beating analyst expectations.
MongoDB /zigman2/quotes/203302825/composite MDB -3.48% shares surged after hours and were up about 17% as of 4:30 p.m. Eastern, after falling more than 4.5% in the regular session to close at $429.34.
The New York-based company said it continued to add customers in the third quarter, bringing its total to more than 31,000, up about 2,000 from the previous quarter.
MongoDB reported a third-quarter net loss of $81.3 million, or $1.22 a share, compared with a loss of $72.7 million, or $1.22 a share, in the year-ago period. Adjusted loss was 11 cents a share, adjusted for stock-based compensation and other costs. Revenue rose to $226.9 million from $150.8 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast an adjusted loss of 38 cents a share on revenue of $205.3 million.
MongoDB expects an adjusted fourth-quarter net loss of 24 cents a share to 21 cents a share on revenue of $239 million to $242 million. Analysts had forecast a loss of 34 cents a share on revenue of $227.8 million.
Shares of MongoDB have risen nearly 20% year to date, while the S&P 500 Index /zigman2/quotes/210599714/realtime SPX -1.89% has seen a 22% increase so far this year.