Posted on Wednesday, Jun 23rd 2021
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.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. 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? . 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Analysis of Amazon's MGM Acquisition . Guidewire Focuses on Building its Partner Network . Momentive, Formerly SurveyMonkey, Adds Analytics to Offerings . Zendesk Should Look at Acquisitions . HubSpot Continues to Grow its App Marketplace . Is Alteryx Being Acquired? . Shopify Continues to Woo Developers . DigitalOcean Expands Partnership with MongoDB . Analysis of Qualys' TotalCloud Acquisition . Pure Storage Experimenting with Pricing Models . 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 . Analysis of Okta's atSpoke Acquisition . Sumo Logic Leverages Red Hat Marketplace . Analysis of Dynatrace's SpectX Acquisition . Tuya Prepares to Address the Chip Shortage . Analysis of Appian's Lana Labs Acquisition . Analysis of Qualtrics's $1.125B Clarabridge Acquisition . Fastly Addresses Latency Issues for Developers . Alarm.com Leverages AI for Growth . Analysis of IBM's Rego Acquisition . Analysis of Unity's Parsec Acquisition . UiPath Envisions Advanced ML Capabilities . Microsoft Teams Lags Far Behind Zoom . Analysis of ServiceNow's Gekkobrain Acquisition . Google Attempts to Gain Ground in Cloud and AI . Atlassian Expands Beyond IT Offerings . Amazon Addresses Margin Pressures Through Product Upgrades . Twilio Leverages Segment Platform for Product Expansion . Shopify Expands PaaS Integrations . Analysis of Zendesk's $4.1B Momentive Acquisition . HubSpot Becomes a Stickier Platform . Analysis of Alteryx's Acquisitions . Wix Focuses on Fitness Services Providers . Pure Storage Partners with Microsoft Azure to Address Chip Shortage Concerns . Analysis of Salesforce's LevelJump Acquisition . Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence