MongoDB's stock fell 13.5% on Wednesday despite beating revenue and profit estimates, as growth in its Atlas cloud platform missed investor expectations. Atlas, which drives roughly three-quarters of total revenue, grew 28.9% year over year, short of the roughly 30% pace some investors had anticipated. Total revenue hit $771.8 million, up about 30% year over year and well ahead of the approximately $735 million estimate, while adjusted earnings came in at $1.90 per share versus the $1.61 expected. The company also raised its full-year revenue guidance, but the Atlas shortfall overshadowed the beat, leading to a $4 billion market value loss in a single session. Despite the selloff, several Wall Street firms maintained or raised their price targets, with Guggenheim setting a Street-high $560 target, while CEO Chirantan "CJ" Desai expressed surprise and disappointment, arguing the company delivered a clean beat and raised guidance.
MongoDBAtlas growth missed expectations despite overall beat
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