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MongoDB spikes 21% after the database provider crushes quarterly earnings estimates

MongoDB spikes 21% after the database provider crushes quarterly earnings estimates
MongoDB


MongoDB shares jumped as much as 21% Tuesday following a better-than-expected earnings report.A 




Revenue from Atlas jumped 84%, with Coinbase moving more workloads to the cloud database service.A 




MongoDB went public in 2017 with a $1.6 billion valuation and is now worth about $33 billion.A 


Shares of MongoDB spiked as much as 21% Tuesday after the database provider crushed quarterly earnings estimates.The New York-based company said in its third-quarter https://www.prnewswire.com/news-releases/mongodb-inc-announces-third-quarter-fiscal-2022-financial-results-301438283.htmlresults that sales jumped 50% year-over-year to $226.9 million. Analysts predicted $205.2 million, CNBC reported, citing Refinitiv data. The company beat on its earning-per-share, too. It recorded an $0.11 loss-per-share, compared to estimates of $0.38 loss per share, CNBC said.A Atlas, MongoDB's cloud database service, is one of the company's core products, making up more than half of its quarterly sales. Its revenue jumped 84% in the third quarter. On the earnings call, MongoDB Chief Executive Officer Dev Ittycheria said crypto exchange Coinbase has begun moving more workloads to Atlas amid "unprecedented growth in the cryptocurrency markets.""We believe a key driver of our success has been the early, but growing, trend of customers choosing MongoDB as an enterprise standard for their future application development," he said. "Our success across industries and a wide variety of use cases puts us in a great position to build even deeper relationships with our customers over time."
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