Photo Credit: Garrett Heath/Flickr.com

According to a recent report, the global database-as-a-service market is estimated to grow at 16% CAGR to reach $24.8 billion by 2025 from $12 billion in 2020, driven by the need for self-driving cloud databases. Recently, MongoDB (Nasdaq: MDB), a leading player in the market, announced its quarterly results that surpassed all market expectations.
 

MongoDB’s Financials

MongoDB’s revenues for the quarter grew 53% to $303.7 million, ahead of the market’s forecast of $280.2 million. Adjusted loss of $0.23 per share increased from a loss of $0.12 per share a year ago and was ahead of the Street’s forecast of a loss of $0.29 per share.

By segment, Subscription revenues grew 52% to $215.4 million, and services revenues grew 64% to $12.1 million.

For the fiscal year, MongoDB’s revenues grew 48% to $873.8 million and the loss was $0.59 per share.

For the current quarter, MongoDB expects revenues of $300-$303 million and a net loss of $0.19-$0.16 per share. It expects to end the year with revenues of $1.196-$1.206 billion and a net loss of $0.35-$0.28 per share. The market was looking for revenues of $303.67 million with a net loss of $0.17 per share for the quarter and revenues of $1.21 billion with a net loss of $0.31 per share for the year.
 

MongoDB’s Product Upgrades

During the quarter, MongoDB released MongoDB 6.0 for general availability to expand its developer data platform capabilities. The upgrade provides new abilities that allow its customers to run a broad range of workloads and consolidate a disparate set of point solutions onto MongoDB. The update provides Queryable Encryption, an industry-first feature that lets users run queries over encrypted data. The feature has received very positive reviews from early adopters with over 60 companies, the majority of whom are Fortune 500 customers, currently working in development with this feature.

MongoDB time series collections will also make it easier, faster, and cheaper to build applications that monitor physical systems, track assets, or deal with financial data. The time series collections will support secondary indexes on measurements and feature read performance improvements and optimizations for sorting time-based data more quickly.

Recently, MongoDB Atlas released a pay-as-you-go offering that can be launched directly from the Google Console. The solution provides developers with a simplified subscription experience and enterprises with more choices in how they procure MongoDB on Google Cloud. With this new pay-as-you-go MongoDB Atlas offering, customers only pay for the resources they use and can scale based on their needs, with no up-front commitments while using their Google accounts. The pay-as-you-go offering will provide the much-needed flexibility in selecting the technology stack and partners that best fit their needs.

MongoDB realizes the looming economic concerns and is continuing to release product upgrades that make its offerings more efficient for its customers. The pay-as-you-go offering will also help both bootstrapping startups and established enterprises get the maximum results from their investments in the MongoDB platform.

Its stock is currently trading at $246.17 with a market capitalization of $16.9 billion. It touched a 52-week high of $590.00 in November last year after having fallen to a year-low of $213.39 last month.

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