The global cloud database and Database as a Service market is forecast to grow at 15% CAGR from $12.54 billion in 2020 to 2028. MongoDB (Nasdaq: MDB), a leading player in the market, recently reported its third-quarter results that continued to surpass market expectations.

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MongoDB’s Financials

MongoDB’s third quarter revenues grew 50% to $226.89 million, ahead of the market’s forecast of $205.17 million. Adjusted loss of $0.11 per share was also ahead of the Street’s forecast of a loss of $0.38 per share.

By segment, Subscription revenues grew 51% to $217.9 million, and services revenues grew 35% to $9 million.

For the fourth quarter, MongoDB expects revenues of $239-$242 million and a net loss of $0.24-$0.21 per share. It expects to end the year with revenues of $846.3-$849.3 million and a net loss of $0.74-$0.71 per share. The market was looking for revenues of $243.48 million and a net loss of $0.20 per share for the quarter and revenues of $850.71 million and a net loss of $0.71 per share for the year.

MongoDB’s Product Upgrades

MongoDB announced the launch of MongoDB Atlas in AWS Marketplace during the quarter. The launch of a pay-as-you-go MongoDB Atlas with Free Trial in AWS Marketplace will provide developers with a simplified subscription service and will give enterprises another way to use MongoDB in addition to privately negotiated offers that are already supported on AWS Marketplace. MongoDB and its document model are already deployed in many AWS and MongoDB customers’ environments to help increase developer productivity, decrease cost, and scale to meet the needs of high growth applications. MongoDB Atlas enables customers to extend their familiar environment into AWS to run the same applications with a common foundation and tooling regardless of whether it is on cloud or on premises.

MongoDB also acquired several other compliance certifications. It received ISO 27017 that provides guidelines for information security controls applicable to and specific to the provisioning and use of cloud services. It also received ISO 27018 that establishes commonly accepted controls and guidelines for implementing measures to protect Personally Identifiable Information (PII) for the public cloud computing environment. Earlier in the quarter, MongoDB Atlas for Government had achieved the FedRAMP designation of In-Process that will help them win contracts from the U.S. Government. These certifications demonstrate the maturity of MongoDB’s processes and programs, and help reassert its focus on customers’ security and privacy.

Its stock is currently trading at $494.93 with a market capitalization of $32.8 billion. It touched a 52-week high of $590.00 in February and a 52-week low of $238.0100.50 in September last year.