MongoDB Shares Soar 37% Following Exceptional Q2 Fiscal 2026 Results
MongoDB shares saw a remarkable 37% rise on Wednesday, following the database company’s stellar Q2 fiscal 2026 results which significantly outperformed Wall Street predictions. The company reported adjusted earnings of $1.00 per share, surpassing the anticipated 66 cents. Meanwhile, revenue experienced a 24% increase, reaching $591.4 million and exceeding estimates of $556 million.
The standout performance was largely attributed to MongoDB Atlas, the company’s cloud database service. Atlas saw a 29% growth year-over-year and now accounts for a whopping 74% of the company’s total revenue.
CEO Dev Ittycheria proudly announced that the company had added over 5,000 new customers in the first half of the year – a record-breaking achievement. A significant number of these new customers are “AI native companies” that have chosen MongoDB for their business operations.
Analysts responded with enthusiasm to the impressive results. Several firms raised their price targets in response:
- Wolfe Research increased its target from $280 to $350
- BofA Securities raised their target from $275 to $345
This strong quarter showcases MongoDB’s successful strategy of focusing on enterprise customers, while simultaneously benefiting from the AI boom driving demand for robust database infrastructure.
Source: CNBC