According to a Market Study research report, the global cloud database market is estimated to grow from $7.63 billion this year to $19.8 billion by 2025 at an annualized growth rate of over 50%. Earlier this month, cloud database-as-a-service provider MongoDB (Nasdaq:MDB) announced its third quarter results that surpassed all market expectations.

MongoDB’s Financials

MongoDB’s revenues for the third quarter grew 52% to $109.4 million. Net loss was $42.4 million, or $0.75 per share compared with a net loss of $22.5 million, or $0.43 per share a year ago. On an adjusted basis, net loss was $0.26 per share compared with $0.13 a year ago. The market was looking for revenues of $99.73 million with a net loss of $0.28 per share.

Subscription revenues grew 56% to $103.8 million and services revenue grew 8% to $5.6 million.

For the fourth quarter, MongoDB expects revenues of $109-$111 million with a net loss of $0.29-$0.27 per share. It expects to end the year with revenues of $407.2-$409.2 million and a net loss of $1.04-$1.02 per share. The market was looking for revenues of $105.3 million with a loss of $0.30 per share for the quarter and revenues of $394.04 million with a loss of $1.07 for the year.

MongoDB’s Partner and Product Expansion

MongoDB is focusing on expanding its market position through product and partner ecosystem enhancement. Within product innovation, it recently enhanced the capabilities of MongoDB data platform by adding features such as auto-scaling.

Auto scaling brings fully automated capacity management to customers’ managed MongoDB databases. The feature will allow Atlas to autonomously adjust instance sizes, both up or down as needed, by using predictive modeling and learnings developed from managing other MongoDB deployments. Atlas will examine two key resource utilization metrics—CPU and memory— every five minutes and determine whether it needs to scale based on the average utilization of each metric over the past hour. Before downscaling, Atlas will track the trend of the metrics for the past 72 hours. MongoDB will continue to enhance this feature through future algorithm enhancements to allow the platform to be more responsive to changes in workload. Currently the feature is in the open beta stage.

Earlier this quarter, MongoDB also achieved the Payment Card Industry Data Security Standard (PCI DSS) compliance to become a certified service provider. PCI DSS applies to all entities that store, process and/or transmit cardholder data and has been created to increase technical, physical, and operational security controls for protecting payment card account data.

As part of their partnership ecosystem enhancement, MongoDB recently announced a new partnership with Alibaba Cloud. Alibab Cloud is the data intelligence backbone of Alibaba Group. Through the partnership, users in China will now have access to an authorized MongoDB-as-a-Service. It will provide Alibaba customers with access to end-to-end management and support on current and future versions of MongoDB, and users will have easy access to the latest MongoDB features and capabilities. The move will help MongoDB establish a strong presence in the Chinese market.

The stock is currently trading at $131.01 with a market capitalization of $7.4 billion. It touched a 52-week high of $184.78 in June this year and has grown from the 52-week low of $70.10 that it was trading at almost a year ago. The stock has delivered tremendous growth from its list price of $24 in October 2017.