AI Software Demand Boosts MongoDB Stock

$MongoDB (MDB.US)$ shares surged after raising its full-year guidance and beating Q2 expectations.

Second-quarter revenue increased 13% to $478.1 million, driven by a 27% rise in MongoDB Atlas sales, which now make up 71% of total revenue.

CEO Dev Ittycheria emphasized MongoDB's strong position to help businesses incorporate generative AI into their operations.

MongoDB now expects 2024 revenue at $1.925 billion and an EPS of $2.40 at the midpoint.

MongoDB shares jumped 14% in after-hours trading, recovering from earlier losses this year due to previous disappointing results.