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MongoDB (MDB) recently reported its third-quarter results that blew past all market expectations. The company continues to add generative AI capabilities to its portfolio of tools.

MongoDB’s Financials

MongoDB’s revenues for the quarter grew 30% to $432.9 million, ahead of the market’s forecast of $406 million. It ended the quarter with a net loss of $29.3 million, or $0.41 per share compared to a net loss of $84.8 million a year ago. On an adjusted basis, net income was $0.96 per share compared with $0.23 per share a year ago and was better than the market’s forecast of $0.51 for the quarter.

By segment, Subscription revenue grew 30% to $418.3 million, and services revenue grew 13% to $14.6 million.

For the fourth quarter, MongoDB expects revenues of $429-$433 million and net income of $0.44-$0.46 per share. The market was looking for revenues of $418 million and earnings of $0.47 per share.

It expects to end the year with revenues of $1.654-$1.658 billion and net income of $2.89-$2.91 per share. The market was looking for revenues of $1.6 billion and earnings of $2.91 per share.

MongoDB’s AI Growth

MongoDB recently announced several new AI-focused capabilities. It announced the general availability of Atlas Vector Search, a solution that simplifies building real-time generative AI applications. It also added AI capabilities into the MongoDB Atlas Search Nodes so that developers now have access to dedicated infrastructure to scale generative AI and relevance-based search workloads. The ability is expected to help accelerate query times up to 60%.

It included four new AI-powered capabilities built into other solutions that accelerate developer productivity and application modernization. It expanded its collaboration with cloud hyperscalers, including a new integration between MongoDB Atlas and Amazon Bedrock, to simply the process of building applications using managed foundation models with their proprietary data. Recently, MongoDB also announced its integration with coding assistant tools like Amazon CodeWhisperer and Microsoft Copilot to help streamline AI-powered development.

MongoDB continued with its verticalization offerings and recently launched new MongoDB Atlas for Industries vertical initiatives—Atlas for Automotive and Manufacturing, Atlas for Healthcare, Atlas for Insurance, Atlas for Telecommunications, and Atlas for Media.

Its stock is trading at $391.51 with a market capitalization of $28.26 billion. It touched a 52-week high of $442.84 in December. It was trading at a 52-week low of $179.52 a year ago.

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