MongoDB – Oracle’s Missed Opportunity

Database-as-a-Service provider MongoDB (Nasdaq: MDB) recently reported its third-quarter results that surpassed market expectations. The stock gained 8% in reaction to the result announcement.

MongoDB’s Financials

MongoDB’s revenues for the third quarter grew 38% to $150.8 million, ahead of the market’s forecast by 8.88%. Adjusted loss of $0.31 per share was also ahead of the Street’s forecast of a loss of $0.46 per share.

By segment, Subscription revenues grew 39% to $144.1 million, and services revenues grew 19% to $6.7 million.

For the fourth quarter, MongoDB expects revenues of $155-$157 million with a net loss of $0.42-$0.39 per share. It expects to end the year with revenues of $574.4-$576.4 million and a net loss of $1.07-$1.04 per share. The market was looking for revenues of $145.46 million for the quarter with a net loss of $0.44 per share and revenues of $552.65 million with a net loss of $1.24 per share.

MongoDB’s Cloud Upgrades

During the quarter, MongoDB announced the general availability of its multi-cloud clusters in Atlas. The service enables customers to run an application simultaneously across multiple clouds. It will allow its customers to deploy a fully managed, distributed database across AWS, Google Cloud, and Microsoft Azure simultaneously.

With the release of the new service, organizations will be able to extend the geographic reach of their applications by replicating data across all three major cloud providers to any of the currently 79 supported cloud regions worldwide. Organizations will be able to benefit from deploying applications across multiple cloud providers without the added operational complexity of managing data replication and migration across clouds.

The product release makes MongoDB the first cloud database to enable an application to run simultaneously across multiple cloud providers. By becoming a cloud platform agnostic, the service will be able to attract a bigger client base.

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