MongoDB Stock Rises After Big Earnings Beat. Why This Analyst Maintains Sell Rating.
MongoDB stock rose after the company exceeded profit expectations and increased its financial outlook, despite one analyst maintaining a sell rating.
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Posted 9/1/2023, 1:11:00 PM
barrons.com
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Cloud database firm MongoDB (MDB) reported Q2 earnings that surpassed Wall Street's expectations, with adjusted earnings per share of 93 cents compared to forecasted 46 cents, and sales of $423.8 million, leading to a surge in stock price.
Stock futures rise as investors close out a month of losses for the three major stock indexes, with positive earnings reports from MongoDB and Dell Technologies boosting sentiment.
MongoDB's shares rose 5% after reporting higher-than-expected earnings and revenue for the second quarter, beating analysts' estimates. Dell Technologies also saw a 7.7% increase in stock price as it surpassed Wall Street's expectations for earnings and revenue in the second quarter. On the other hand, Broadcom's shares fell 4% as it posted weaker-than-expected guidance for the fiscal fourth quarter. VMware's stock dipped 1.7% despite reporting mixed earnings, while Lululemon Athletica experienced a nearly 2% increase in stock price after surpassing sales and profit estimates for the fiscal second quarter and raising its sales outlook for the year.