Posted on Wednesday, Jun 10th 2020
According to a Research and Markets report, the global Database as a Service market is estimated to grow at 16% CAGR to reach $24.8 billion by 2025 from $12 billion in 2020. The recent market turmoil would have changed these forecasts. But despite the turmoil, MongoDB (Nasdaq: MDB) continues to soar. MongoDB’s stock has climbed 53% since the start of the year.
MongoDB recently reported its first quarter results with revenues growing 46% over the year to $130.3 million, ahead of the market’s forecast of $119.5 million. Net loss of $54 million grew from a loss of $33.2 million reported a year ago. Adjusted loss of $0.13 per share was also ahead of the Street’s forecast of a loss of $0.25 per share.
By segment, Subscription revenues grew 49% to $124.9 million, and services revenues grew 1% to $5.5 million.
For the second quarter, MongoDB expects revenues of $125-$127 million with a net loss of $0.41-$0.38 per share. It expects to end the year with revenues of $520-$530 million and a net loss of $1.34-$1.21 per share. The market was looking for revenues of $118.66 million for the quarter with a net loss of $0.38 per share and revenues of $514.27 million with a net loss of $1.31 per share.
MongoDB has reacted well to the recent Covid-19 driven turmoil. In spite of global travel restrictions and remote working conditions, the company believes that it will see very little negative impact. According to MongoDB, the recent crisis has accelerated the need for organizations to migrate towards digital transformation and cloud migration. It continues to invest in its business to cater to these opportunities.
Savings that the company is generating through reduction of travel and event-related activities are now being reinvested within digital marketing. The current crisis has resulted in companies lowering their advertising rates, in some cases by as much as 30%. MongoDB is
using the reduced rates to increase its investment in digital marketing and to expand upon recent strength in self-serve customer new additions.
Similarly, with the job market in a precarious position, instead of cutting down on hiring, MongoDB is investing in its R&D hiring. It is adding engineering talent and has advanced the R&D hiring originally targeted for fiscal 2022 into the current year to accelerate its product roadmap.
MongoDB also launched several enhancements to help its customers and the developer community.
Its marketing, developer relations and finance teams collaborated to launch a free Atlas credits programs for all developers looking to build applications to track and stop the spread of the virus. Since the release, it has launched 180 new initiatives on its platform. It helped build covidnearyou.org, a crowdsourced solution to create maps to help citizens and public health agencies identify hotspots for the pandemic. Built on Atlas, the solution has reported more than 1 million personal health updates.
Its stock is currently trading at $201.7 with a market capitalization of $11.7 billion. It touched a 52-week high of $243.92 last month. It was trading at a 52-week low of $93.81 in March this year. The stock had listed in October 2017 at $24.
Photo Credit: Garrett Heath/Flickr.com This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . ServiceNow Grows Through Addition of Capital-Efficient Startups . Zendesk and Freshworks Follow Different Acquisition Strategies . Tableau Grows Through Small Acquisitions . Open Platform Strategy Stands Intuit in Good Stead . Will GoDaddy Follow the PaaS Route? . Adobe Delivers Via PaaS More »» . A Look at Oracle’s 2018 M&A Activity . What Apps Will Drive More Traction for Cloudera? . Slack's App Focus Will Be Key to Post-IPO Success . IBM Counts on its Cloud and Platform for the Turnaround . Atlassian Acquires From its PaaS Marketplace . What Should SAP Acquire to Triple its Value by 2023? . Expect ServiceNow to Acquire From App Marketplace . 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ON24 Goes Public with $42B TAM as Covid Puts Webinars and Virtual Events Front and Center . Amazon After Jeff Bezos . ServiceNow Firing on All Cylinders But One . Snowflake Focuses on Developer Community for Growth . Is SAP Acquiring Alteryx? . Qualys Focuses on SaaS App Security . SurveyMonkey Remains Focused on APIs, ISV PaaS Still Missing . Domo Needs to Open up About PaaS Metrics . Like Wix, GoDaddy Needs to Focus on PaaS . Datadog on an Acquisition Spree . Twilio Soars, Focuses on Social Initiatives . HubSpot Expands Content Offering Through Acquisition . Zendesk Adds Products, While Freshdesk Keeps Acquiring . Shopify and BigCommerce Building API-based Ecosystems . RingCentral Acquires and Adds Partners, But PaaS is Still Missing . Acquisitions and Product Upgrades are the Mantra for Palo Alto Networks . Salesforce can Transform Slack PaaS, But Acquisition Still Pending . After Acquisitions, Five9 Focuses on Channel and Network Partnerships . 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Palo Alto Networks Expands Security Capabilities . RingCentral Cashing in on the Hybrid Work Environment . Splunk Tackles Decelerating Growth with Product Upgrades . MongoDB's Atlas Capabilities Expand to the Government Sector . Analysis of Bill.com's Invoice2Go Acquisition . DocuSign Banks on Agreement Cloud . Smartsheet's Expanding Use Cases . Analysis of Salesforce's Servicetrace Acquisition . Zscaler Focuses on Federal Agencies . Coupa Launches PaaS Strategy . Analysis of BlackLine’s Kyriba Partnership . PagerDuty's Expanding Integration Portfolio . Analysis of Tenable's Accurics Acquisition . Upstart’s Improving AI Algorithm in FinTech Consumer Lending . Analysis of C3.ai's Growing Partnerships . Analysis of Veeva's Learnaboutgmp Acquisition . Analysis of Adobe's Frame.io Acquisition . Snowflake Focuses on the Financial Services Sector . CrowdStrike Expands Government Offerings . Zoom Focuses on Expanding Reseller Offerings . Dropbox Focuses on Content Creators with New Product . 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Freshworks' Bots Make Customer Interactions Easier . Who Will Buy Zendesk? . Analysis of Shopify's Deliverr Acquisition . Wix Focuses on Profitability Amid Mounting Losses . Dynatrace Targets $50B Addressable Market . Analysis of Salesforce's Troop.Ai Acquisition . Analysis of Workday's VNDLY Acquisition . Nutanix Stumbles on Supply Chain Issues . Veeva Targets $13 Billion TAM . RingCentral Maintains UCaaS Leadership Through Partnerships and Innovation . Okta Bounces Back Stronger Despite Security Event . Adobe Strengthens its Creative Cloud Portfolio and Gets Ready for the Metaverse . Analysis of Zoom's Acquisition of Solvvy . Smartsheet Expands its Capabilities for Marketers . Toast Addresses Changing Restaurant Industry Dynamics . UiPath Simplifies Intelligent Automation . Informatica Focuses on Vertical Specific Offerings for Growth . Samsara Expands Farm-Focused Vertical Offerings . ForgeRock Leverages AI for Growth . Marqeta Struggles, Tries to Recover Through an API Strategy . Confluent Expands Ecosystem with Microsoft and AWS . Couchbase Focuses on Improving Efficiencies for Developers . Sprinklr's Deepening Integrations with TikTok and Amazon . Analysis of IBM's Randori Acquisition . Expensify Tests Other Services for Growth . monday.com Builds Capabilities for its App Marketplace . Snowflake Leverages the Streamlit Acquisition . Google Hones its Search Tech . Microsoft's Momentum in Commercial and Cloud Keeps it Steady . Amazon's Twin Engines of AWS and Prime Make it Resilient . Analysis of ServiceNow’s Hitch Works Acquisition . Twilio’s Strategy Post Segment Acquisition . HubSpot's Marketplace Strategy Continues to Thrive . Analysis of GoDaddy's Dan.com Acquisition . Freshworks Looks to Freshchat for Product Portfolio Expansion . Zendesk Agrees to be Bought Out . Tenable Provides Visibility into Internet-based Assets . Qualys Leverages Partner Network to Drive Go-to-Market Agenda . Bill.com Banks on its Organic Flywheel Amid Economic Turbulence . ON24 Targets $44 Billion Addressable Market . Palo Alto Network's Transformation Strategy Delivers Results . Atlassian’s Ecosystem Strategy Keeps it Steady . Okta Struggles with Auth0 Integration . Salesforce Targets Vertical Focused Offerings to Battle Economic Conditions . Workday Grows Strong Despite Recession . Nutanix's Subscription Model Delivers Results . Veeva Believes R&D Segment Will Deliver under Economic Uncertainty . RingCentral Focuses on Hardware Integration . MongoDB Addresses Economic Concerns Through Product Upgrades . Rapid7 Focuses on Simplifying View for Security Teams . Analysis of Smartsheet's Outfit Acquisition . HashiCorp Struggles to Maintain DecaCorn Valuation Amid Stock Conditions . Coupa Helps Maximize Savings Efficiency to Tackle Global Economic Conditions . DocuSign Focuses on Integrations