According to a Market Research Media report published earlier this year, the global NoSQL market is estimated to grow 21% annually to $3.4 billion by 2024. Analysts believe that with unstructured data having surpassed structured data globally, NoSQL will be the primary DBMS platform going forward. Billion Dollar Unicorn MongoDB (Nasdaq: MDB) is already delivering results on this high growth trend.

MongoDB’s Financials

Earlier this month, MongoDB announced its second quarter revenues that surpassed market expectations. Revenues of $57.5 million grew 61% over the year with Subscription revenues growing 63% to $52.9 million. Services revenues grew 48% to $4.6 million. Net loss grew from $26.1 million a year ago to $31.2 million, or $0.61 per share. Non-GAAP net loss reduced marginally from $21.2 million a year ago to $21.1 million, or $0.41 per share. The Street had forecast revenues of $51.7 million for the quarter with a loss of $0.45 per share.

For the current quarter, it expects revenues of $59-$60 million with a Non-GAAP net loss of $0.40-$0.38 per share. The market was looking for revenues of $59.92 million for the quarter with a loss of $0.40 per share. The company expects to end the current year with revenues of $228-$230 million and a net loss of $1.66-$1.62 per share. The market was forecasting revenues of $229.9 million with a net loss of $1.62 per share.

MongoDB’s Product Growth

During the quarter, MongoDB announced the release of MongoDB 4.0. The upgraded platform continues to be developer-friendly with the introduction of the Stitch feature and the availability of multi-document ACID transactions. Stitch allows for serverless applications so that developers can build value-added code without having to write back-end code for an application server. Without Stitch, an application would need to reside inside a server in a data center. To query a database like this would require developers to go through the server. According to MongoDb, this feature would make the service a better choice for mission critical use cases. The upgraded platform is also ACID compliant among multiple documents – which is a big win for a database offering. ACID or Atomicity, Consistency, Isolation, Durability is a database compliance standard that guarantees data integrity in transactions-based businesses.