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MongoDB (Nasdaq: MDB) recently reported its second-quarter results that blew past all market expectations. The market was pleased with its performance and sent the stock soaring 8% in the after-hours trading session.

MongoDB’s Financials

MongoDB’s revenues for the quarter grew 40% to $423.8 million, ahead of the market’s forecast of $389.93 million. It ended the quarter with a net loss of $37.6 million, or $0.53 per share, compared to a net loss of $118.9 million, or $1.74 per share a year ago. Adjusted net income was $0.93 per share, compared to a net loss of $0.23 per share a year ago. The market was looking for an adjusted net income of $0.45 per share.

By segment, Subscription revenue grew 40% to $409.3 million, and Services revenue grew 20% to $14.5 million.

For the current quarter, MongoDB expects revenues of $400-$404 million and net income of $0.47-$0.50 per share. The market was looking for revenues of $381.9 million and earnings of $0.25 per share. It expects to end the year with revenues of $1.596-$1.608 billion and net income of $2.27-$2.35 per share. The market was looking for revenues of $1.54 billion and earnings of $1.51 per share.

MongoDB’s Atlas Growth

Recently, MongoDB announced a slew of new offerings to strengthen Atlas. It integrated AI into Atlas by adding Vector Search, a feature that will leverage generative AI and semantic search functionality to develop more intelligent applications. Within the AI ecosystem, it recently expanded its partnership with Google Cloud that will enable developers to use AI foundation models from Google to accelerate the use of generative AI. It also launched MongoDB’s AI Innovators Program to provides customers with access to technology and partnerships to help them build with generative AI.

MongoDB is also focusing on vertical specific Atlas offerings. It recently launched Atlas for Industries, that will focus on industry-specific set of programs, expertise, partnerships, and integrated solutions to support customers in specific industries in their modernization journey. Some of the recent launches as part of this focus include Atlas for Financial Services, Atlas for Public Sector, Atlas for Manufacturing and Automotive, and more recently, Atlas for Healthcare and Atlas for Insurance.

These services will be focused on the individual industries and will help the customers by providing access to data-driven applications that offer flexibility, security and resilience tailored to the unique needs of each sector. The programs offer specialized educational resources, such as customized MongoDB University courses and learning materials, and will help organizations to efficiently train new and experienced developers in the building of data-centric applications.

The market is pleased with MongoDB. Its stock is trading at $364.93 with a market capitalization of $26.1 billion. It touched a 52-week high of $439 in June. It was trading at a 52-week low of $135.15 in October last year.

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