MongoDB released its third-quarter earnings report, and cloud database revenue growth accelerated

Author | Tina

On December 6, database vendor MongoDB reported its third-quarter earnings results, and over the next few days, the company's stock price continued to rise by more than 20%.

MongoDB said in its results statement that the company's quarterly revenue as of October 31 increased by 50% year-on-year, compared to a 44% increase in the previous quarter, and the number of customers increased to more than 31,000. Revenue from the company's Atlas Cloud Database Service grew 84 percent, compared to 83 percent in the previous quarter.

MongoDB is a document-based NoSQL database. It runs on all major platforms (Windows, Linux, Mac) and can download open source versions for free. MongoDB stores data entities in collections, and each block of data stored is in JSON format. MongoDB also comes with a console client, a full-featured JavaScript environment that you can use to add, delete, edit, or query document data in a database.

MongoDB 1.0 was released in February 2009 and provides most of the basic query functionality. In the years that followed, MongoDB grew rapidly and went public in October 2017 with a market capitalization of more than $1 billion.

In June 2016, Eliot Horowitz, one of the founders, issued a press release officially launching the MongoDB Atlas service. Today, Atlas Cloud Database Service is one of MongoDB's key growth points. In the third quarter earnings report, MongoDB's total revenue was $227 million, up 50% year-over-year. MongoDB Atlas revenue increased 84% year-over-year; accounted for 58% of total revenue in the third quarter.

Michael Gordon, MongoDB's head of operations and finance, said many large Atlas cloud customers renewed their contracts early, adding to deferred revenue for the quarter.

MongoDB CEO Dev Ittycheria also mentioned that cryptocurrency exchange operator Coinbase is shifting more workloads to the Atlas service. Coinbase, he said, "has some very unique requirements in terms of performance and scale, especially on some highly concurrent trading days." ”