MongoDB stock jumped more than 21% in premarket trade on Tuesday, as the business raised its projection for the third time this year, following significant growth between August and October.
According to the database provider, its current-year sales will be roughly $848 million at the midpoint of its prediction range, which is about $40 million higher than its projections three months ago. The company's original projection, released in March, predicted $755 million in yearly revenue.
It also forecasted a significantly narrower adjusted loss from operations. It now sees that as being on the high side, at $36.4 million, after previously aiming for at least $62 million. The adjusted net loss in the third quarter was $7.2 million, more than halving from the previous year.
By the end of October, the company's customer base had surpassed 31,000, resulting in a 51% increase in subscription income to $218 million.
Sales of MongoDB Atlas drove a 50% increase in total revenue to $227 million. Sales of the company's flagship product increased by 84% in the face of competition from Oracle and Microsoft.