Photo Credit: Garrett Heath/Flickr.com

According to a recent report published earlier this year, the global cloud database and Database as a Service (DBaaS) market size is expected to reach $26 billion by 2025. Researchers believe that the NoSQL segment will grow at a substantial growth rate over the forecast period. MongoDB (Nasdaq: MDB) recently reported its first-quarter results that surpassed market expectations.

MongoDB’s Financials

MongoDB’s revenues for the quarter grew 39% over the year to $181.6 million, ahead of the market’s forecast of $168.97 million. Adjusted loss of $0.15 per share was also ahead of the Street’s forecast of a loss of $0.36 per share.

By segment, Subscription revenues grew 40% to $174.6 million, and Services revenues grew 29% to $7.1 million.

For the second quarter, MongoDB expects revenues of $180-$183 million with a net loss of $0.43-$0.40 per share. It expects to end the year with revenues of $771-$784 million and a net loss of $1.38-$1.25 per share. The market was looking for revenues of $183.34 million for the quarter with a net loss of $0.40 per share and revenues of $785.42 million with a net loss of $1.30 per share.

MongoDB’s Atlas Growth

MongoDB was the pioneer in the NoSQL open-source market. But what launched as an experiment has become the leading player in data processing. While its core product is still a NoSQL document store, MongoDB continues to add services and capabilities geared to developer needs to this core. Today, developers who want to use SQL with MongoDB can send SQL queries that MongoDB will unpack and execute.

This month was the 5th anniversary of the launch of Atlas, its DBaaS offering. Atlas has been deployed in over 80 regions around the world across AWS, Azure, and GCP. It is operating at an annual revenue run rate of over $400 million, growing 70% over the year. MongoDB remains bullish about Atlas’s growth prospects. It is seeing increased adoption, especially the enterprise adoption of Atlas. During the quarter, Atlas accounted for two-thirds of new business won by its field sales team.

Its cloud partners are also recognizing the value of Atlas. During the quarter, it had a record co-sell quarter with AWS, GCP, and Alibaba. It is seeing increasing opportunities to expand the ways it partners with cloud providers through both technical integrations and go-to-market initiatives to enable more customers around the world to derive the benefits of using MongoDB.

Its stock is currently trading at $380.94 with a market capitalization of $23.7 billion. It touched a 52-week high of $428.96 in February. It was trading at a 52-week low of $186.27 in August last year.