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According to a recent report, the Cloud Database and DBaaS Market grew at 11% CAGR from 2019 to 2022. It is expected to grow at 15% CAGR to reach $40 billion by 2029 from $16 billion in 2022. MongoDB (Nasdaq: MDB) recently reported its first-quarter results that surpassed market expectations.

MongoDB’s Financials

MongoDB’s revenues for the quarter grew 29% to $368.3 million, ahead of the market’s forecast by 6.35%. Adjusted earnings of $0.56 per share was also ahead of the Street’s forecast of $0.19 per share.

By segment, Subscription revenues grew 29% to $354.7 million, and Services revenues grew 25% to $13.6 million.

For the second quarter, MongoDB expects revenues of $388-$392 million and a net income of $0.43-$0.46 per share. It expects to end the year with revenues of $1.522-$1.542 billion and a net income of $1.42-$1.56 per share. The market was looking for revenues of $357.46 million for the quarter with earnings of $0.15 per share and revenues of $1.5 billion with earnings of $1.03 per share for the year.

MongoDB’s Atlas Growth

Recently, MongoDB announced the launch of four new capabilities for its flagship Atlas product. The new features include additional options for deploying MongoDB Atlas on AWS, expanded programming language support for server-side Kotlin, streamlined MongoDB Atlas Kubernetes Operator functionality, and easier data processing and analytics using Python.

With the new options for deploying MongoDB Atlas on AWS, developers now have the ability to use additional programming languages to create, manage and update MongoDB Atlas resources using IaC with the AWS Cloud Development Kit (CDCK). Developers will be able to manage MongoDB Atlas resources with C#, Go, Java, and Python, making it easier for them to streamline workflows by using a wider variety of programming languages and reducing the amount of time spent managing infrastructure.

The Kotlin Driver for MongoDB allows developers to build server-side applications allowing them to accelerate the entire development cycle. Using the MongoDB Atlas CLI, developers are now able to install the MongoDB Atlas Kubernetes Operator and generate security credentials, creating a quick and easy setup process while reducing operational overhead. This is providing developers with the option to import existing MongoDB Atlas projects and deployments with a single command, simplifying how developers use Kubernetes with MongoDB Atlas and streamlining their workflows by providing greater speed when working with containers.

MongoDB also announced the general availability of the PyMongoArrow library which will provide developers and data analysts with the ability to use Python-based analytics stacks to extract insights from data on MongoDB and create data-driven applications more quickly. The PyMongoArrow library allows developers to efficiently convert data stored on MongoDB using popular frameworks and receive ongoing development and support from MongoDB.

Its stock is currently trading at $394.62 with a market capitalization of $27.9 billion. It touched a 52-week high of $418.70 in June. It was trading at a year-low of $135.15 in October last year.

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