Photo Credit: Garrett Heath/Flickr.com
 

The global database-as-a-service market is expected to grow at a 15.7% CAGR from $13.5 billion in 2022 to $43.1 billion by 2030. MongoDB (Nasdaq: MDB), a leading player in the market, is looking to address this growing market by expanding its tie-ups with various cloud players.
 

MongoDB’s Financials

MongoDB’s revenues for the quarter grew 36% to $361.3 million, ahead of the market’s forecast of $335.84 million. Adjusted net income of $0.57 per share was also ahead of the Street’s forecast of a net income of $0.07 per share.

By segment, Subscription revenues grew 35% to $348.2 million, and services revenues grew 59% to $13.1 million.

For the fiscal year, MongoDB’s revenues grew 47% to $1.284 billion and earnings were $0.81 per share.

For the first quarter, MongoDB expects revenues of $344-$348 million and a net income of $0.17-$0.20 per share. The market was looking for revenues of $346.14 million and a net income of $0.15 per share. It expects to end the year with revenues of $1.48-$1.51 billion and a net income of $0.96-$1.10 per share. The market was looking for revenues of $1.55 billion and a net income of $0.67 per share.
 

MongoDB’s Growth Focus

During the quarter, MongoDB continued to increase its reach with hyper-scale cloud partners. After entering into a partnership with AWS last year, recently MongoDB expanded and signed a new five-year strategic partnership agreement with Microsoft Azure. As part of the latest agreement, the two will work together to bring in technical integrations, accelerate their joint go-to-market activities, as well as focus and provide incentives to migrate MongoDB on-premises deployments to Atlas on Azure.

Microsoft is already offering developers the ability to bring their MongoDB-based applications to Cosmos DB, Azure’s foundational database service. The new service gives developers access to a model that is a lot closer to MongoDB’s Atlas cloud service, allowing a more predictable migration from on-premises or other clouds. Available as Azure Cosmos DB for MongoDB vCore, this new Microsoft NoSQL database release is a part of the Azure infrastructure that gives automated integration with Azure’s Command-Line Interface and another management tooling in an attempt to deliver compatible APIs while maintaining scalability. The solution allows for more complex database queries such as full-text searches that power cloud-based chatbots.

MongoDB’s expansion with Microsoft was in addition to the multi-year partnership with Google Cloud that also includes new joint go-to-market programs, along with an initiative to accelerate data journeys for startups.

Additionally, MongoDB is also focusing on the federal government sector and recently announced that it had achieved the FedRAMP Moderate Authorized designation for MongoDB Atlas for Government. The certification will enable MongoDB to bid for government organizations leveraging AWS for its Atlas for Government offering that can help these departments build and deploy secure, scalable, distributed applications in the cloud.

Its stock is currently trading at $214.25 with a market capitalization of $15 billion. It touched a 52-week high of $438.94 in April last year and has since recovered after falling to a year low of $135.15 in October last year.

More By This Author:

Cloud Stocks: Oracle’s New Release Focuses On Developers
Cisco Leverages AI For Hybrid Work Environments
Cloud Stocks: Okta Focuses On Finance Integrations