According to a recent Market Research Media report, the global NoSQL database market is estimated to grow 21% annually over the next few years to become a $3.4 billion industry by 2024. Billion Dollar Unicorn MongoDB (Nasdaq:MDB) recently announced mixed first quarter results. Its stock has been performing well since it went public last year.

MongoDB’s Financials

Its recently announced first quarter revenues grew 49% over the year to $48.2 million. Subscription revenues grew 53% to $44.6 million, services revenues grew 14% to $3.7 million. For the quarter, net loss grew from $19.7 million a year ago to $29.2 million, or $0.58 per share. Non-GAAP net loss also increased from $15.3 million a year ago to $21.6 million, or $0.43 per share. The Street had forecast revenues of $46.4 million for the quarter with a loss of $0.43 per share.

For the current quarter, it expects revenues of $51-$52 million with a non-GAAP net loss of $0.46-$0.45 per share. The market was looking for revenues of $51.8 million for the quarter with a loss of $0.46 per share. The company expects to end the current year with revenues of $217-$220 million and a net loss of $1.66-$1.62 per share. The market was forecasting revenues of $214.4 million with a net loss of $1.63 per share.

MongoDB’s Expansion Plan

MongoDB remains focused on expansion through improved product offerings. It recently announced the release of a version that will be optimized for Kubernetes and microservices. The latest upgrade of its platform also features the addition of multi-document ACID transactions to simplify the ability to address a complete range of use cases. The platform will provide a consistent view of data across replica sets and thus enforce all-or-nothing execution to maintain data integrity.

It also announced the general availability of MongoDB Stitch that will allow developers to run JavaScript functions in Stitch’s serverless environment. Stitch QueryAnywhere will help application developers build secure APIs and to build integrations with microservices and server-side logic. The service also includes Stitch Triggers or real-time notifications that automatically invoke functions in response to changes in the database, taking actions as they happen in applications, other services, or the database itself.

Finally, to help maintain regulatory requirements such as GDPR and to provide a low-latency user experience, MongoDB announced Global Write Clusters in Atlas. This feature will enable customers to create sophisticated policies to position data for geographically distributed applications. The feature will not only keep data close to the users for optimizing websites and applications but also help them meet geographical regulatory requirements.

Its product innovation has helped MongoDB increase its market share. However, there are others like Couchbase and CouchDB that offer similar services. MongoDB’s USP lies in allowing organizations to run complex queries. According to market reports, MongoDB has been slowly eating into Oracle’s market share as well.

Until last year, MongoDB was privately held and had raised $311 million from investors including Union Square Ventures, Flybridge Capital Partners, Sequoia Capital, Red Hat, Intel Capital, In-Q-Tel, New Enterprise Associates, EMC, Salesforce, Fidelity Investments, T. Rowe Price, and Altimeter Capital. In October last year, it went public and raised $256 million by selling shares at $24 each. Its valuation at the time of listing was $1.6 billion, compared with an earlier estimated valuation of $1.8 billion. Its stock is currently trading at $50.23 with a market capitalization of $2.5 billion. It had touched a 52-week high of $59.54 earlier last month. It was trading at a 52-week low of $24.62 in December last year.