MongoDB raises Atlas guidance, announces $1 billion buyback and begins CEO search

MongoDB raised its guidance for Atlas, which its interim CEO described as the company’s biggest growth driver, and announced a $1 billion stock buyback to be carried out over time rather than all at once. At an Investor Day held the previous day, the company discussed its long-term outlook; the interim CEO said MongoDB felt good about its operating margin and cash flow.

The CEO said he has stepped into an interim role while MongoDB seeks a successor. A retained search is already underway, and the company plans to take the time needed to conduct it thoroughly.