MongoDB, Inc. (NASDAQ:MDB) shares plunged more than 25% on Thursday following the company’s reported Q2 results. Despite both EPS of ($0.23) and revenue of $303.7 million coming in better than the Street estimates of ($0.28) and $284.37 million, respectively, the outlook significantly missed expectations.
Management noted a greater slowdown in usage growth of existing workloads relative to expectations in June, albeit with puts and takes across segments/regions.
For Q3/23, the company expects EPS in the range of ($0.19)-($0.16), compared to the Street estimate of ($0.14), and revenue in the range of $300-303 million, compared to the Street estimate of $294.85 million.
Full 2023-year EPS is expected in the range of ($0.35)-($0.28), compared to the Street estimate of ($0.21), and revenue in the range of $1.196-1.206 billion, compared to the Street estimate of $1.19 billion.