MongoDB Inc. stock falls as Wall Street hopes the company focuses on selling the products it has rather than developing new ones.
MongoDB Inc. shares dropped Thursday as some on Wall Street hoped the company’s conservative forecast against a tough cloud-software backdrop prompted it to focus on selling the products it has rather than developing new ones.
MongoDB MDB shares fell as much as 12% to an intraday low of $201.21 and were last down 8.4% in afternoon trading. In comparison the S&P 500 index SPX and the tech-heavy Nasdaq Composite Index COMP were both down about 1%. Broome said he welcomed the company’s expense management plans of raising the return-on-investment bar on projects and slowing down hiring across sales and product development.
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