Cloud Stocks: Analysis Of MongoDB’s PaaS Strategy

Database as a Service provider MongoDB (Nasdaq: MDB) is continuing to see strong growth even amid the current conditions. The company recently reported its second quarter results that surpassed market expectations. It has been focusing the last quarter on releasing several product upgrades to help make database management easier for developers.

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MongoDB’s Financials

MongoDB’s revenues for the second quarter grew 39% to $138.3 million, ahead of the market’s forecast of $126.8 million. Adjusted loss of $0.22 per share was also ahead of the Street’s forecast of a loss of $0.39 per share.

By segment, Subscription revenues grew 41% to $132.5 million, and services revenues grew 11% to $5.8 million.

For the third quarter, MongoDB expects revenues of $137-$139 million with a net loss of $0.48-$0.45 per share. It expects to end the year with revenues of $549-$554 million and a net loss of $1.29-$1.21 per share. The market was looking for revenues of $118.66 million for the quarter with a net loss of $0.38 per share and full-year revenues of $514.27 million with a net loss of $1.31 per share.

MongoDB’s Growth

During the quarter, MongoDB introduced its latest release that boasts of new capabilities in its query language and flexible distributed systems architecture that will allow developers to build sophisticated transactional and analytical applications. It also announced the general availability of MongoDB Atlas Data Lake, allowing teams to query and analyze both structured and unstructured data using its query language. The Data Lake allows teams to submit single queries as well as analyze operational data.

Additionally, it announced the beta of Atlas Online Archive, which allows users to define rules that will automatically archive data from its Atlas database to cloud object storage. The Archive tool will grant customers the ability to retain their query and archive data without any extra effort. It will enable developers to deliver greater search experiences as well as migrate their data in the cloud, without having to manage an extra search technology.

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Sramana Mitra is the founder of One Million by One Million (1M/1M), a global virtual incubator that aims to help one million entrepreneurs ...

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