MongoDB (MDB) stock jumped higher late Monday, after the database software company reported fiscal third quarter earnings that easily beat expectations, powered by a 22% jump in sales.

MongoDB said in a news release that it earned an adjusted $1.16 per share on sales of $529.4 million for the October-ended quarter. Analysts polled by FactSet projected the New York-based company would post adjusted earnings of 67 cents per share on sales of $498 million.

For the same period a year earlier, MongoDB posted adjusted earnings of 96 cents per share on sales of $433 million. MongoDB's year-over-year sales growth accelerated, compared to the previous quarter, for the first time since the company's July 2023 quarter.

For the current quarter, MongoDB guided for sales of $517 million at the midpoint of its range. Analysts were projecting $509 million in sales for the January-ending quarter prior to MongoDB's results, according to FactSet.

"We continue to see success winning new business due to the superiority of MongoDB's developer data platform in addressing a wide variety of mission-critical use cases," MongoDB Chief Executive Dev Ittycheria said in a news release.

He added that the company is investing in "our legacy app modernization and AI offerings as our document model and distributed architecture are exceptionally well suited for customers looking to build highly-performant, modern applications."

On the stock market today, MongoDB stock is up more than 10% at 386.64 in recent after-hours action.

MongoDB Stock: Technical Ratings

Prior to earnings, MongoDB gained 2% in Monday trading. While its shares doubled in 2023 as a hot AI pick, MongoDB has slumped 13% so far in 2024. However, shares have rallied 20% in the past 30 days following strong earnings reports from industry peers such as Snowflake (SNOW) and Elastic (ESTC).

MongoDB stock broke out above a 297.68 cup-with-handle buy point on Nov. 13 and is now pushing above a profit zone with recent gains, according to IBD MarketSurge.

Coming into the report, MongoDB stock had an IBD Composite Rating of 64 out of 99, according to IBD Stock Checkup. The score combines five separate proprietary ratings into one rating. The best growth stocks have a Composite Rating of 90 or better.

Further, MongoDB's IBD Relative Strength Rating was 68 out of 99. The RS Rating means that MongoDB has outperformed roughly two-thirds of all stocks in IBD's database over the past year.

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