According to a recent report, the global database-as-a-service market is expected to grow at 21% CAGR to reach $56.9 billion market by 2027 from $16.9 billion in 2021. MongoDB (Nasdaq: MDB), a leading player in the market, is looking to address this growing market by expanding its alliance with Amazon (AMZN).

MongoDB’s Financials

MongoDB’s revenues for the fourth quarter grew 56% to $266.5 million, ahead of the market’s forecast of $243.42 million. Adjusted loss of $0.09 per share was also ahead of the Street’s forecast of a loss of $0.21 per share.

By segment, Subscription revenues grew 58% to $258.2 million, and Services revenues grew 17% to $8.3 million.

For the fiscal year, MongoDB’s revenues grew 48% to $873.8 million, and non GAAP net loss was $38.2 million or $0.59 per share.

For the first quarter, MongoDB expects revenues of $263-$267 million and a net loss of $0.12-$0.08 per share. It expects to end the year with revenues of $1.151-$1.181 billion and a net loss of $0.51-$0.29 per share. The market was looking for revenues of $266.45 million and a net loss of $0.09 per share for the quarter and revenues of $1.18 billion and a net loss of $0.37 per share for the year.

MongoDB’s Strengthening AWS Partnership

MongoDB is targeting the next round of growth by building on its AWS relationship. Recently, it announced a significant expansion of its partnership with AWS. As part of the six-year deal, the two will work together to build offerings that will allow joint customers to easily advance cloud adoption, including integrated go-to-market activities across sales and marketing, developer enablement and training through shared developer relations activities, and both technology integrations and commercial incentives to streamline the migration of on-premises workloads to MongoDB Atlas on AWS. Amazon and MongoDB will collaborate across sales, customer support, solution architecture, marketing, and other areas to improve the MongoDB Atlas experience for developers on AWS globally. They will aim at increasing workload migration incentives and providing enhanced tools that will help customers move from legacy technologies to MongoDB Atlas on AWS.

MongoDB also announced that it will make it easier for customers to build, scale, and manage data-rich applications with MongoDB Atlas in AWS Marketplace with the launch of a pay-as-you-go service. The offering will provide developers with access to a simplified subscription experience and allow enterprises an alternate way to procure MongoDB in addition to negotiated offers already supported on AWS Marketplace. The service will not require any up-front commitments for enterprises, and instead, customers will be able to pay only for the resources they use and scale based on their needs. MongoDB is also launching the capability for customers to buy MongoDB Professional Services in AWS Marketplace at AWS re:Invent so that enterprises will have a single place to implement, configure, and run MongoDB workloads.

The market was pleased with MongoDB’s result announcement, and the stock climbed 9% in the after-hours trading session. It is currently trading at $458.60 with a market capitalization of $29.4 billion. It touched a 52-week high of $590 in November last year after having fallen to a 52-week low of $238.01 in May last year.