Quarterly earnings results are a good time to check in on a company’s progress, especially compared to other peers in the same sector. Today we are looking at MongoDB (NASDAQ:MDB), and the best and worst performers in the data storage group.
Data is the lifeblood of the internet and software in general, and the amount of data created is growing at an accelerating pace. Likewise, the importance of storing the data in scalable and efficient formats continues to rise, especially as the diversity of the data and associated use cases expand from analyzing simple, structured data to high-scale processing of unstructured data, images, audio and video.
The 5 data storage stocks we track reported a weaker Q4; on average, revenues beat analyst consensus estimates by 3.01%, while on average next quarter revenue guidance was 1.56% under consensus. Investors abandoned cash burning companies since high interest rates will make it harder to raise capital and while some of the data storage stocks have fared somewhat better that others, they have not been spared, with share prices declining 8.27% since the previous earnings results, on average.
MongoDB (NASDAQ:MDB)
Started in 2007 by the team behind Google’s ad platform DoubleClick, MongoDB offers database-as-a-service that helps companies store large volumes of semi-structured data.
MongoDB reported revenues of $361.3 million, up 35.6% year on year, beating analyst expectations by 6.92%. It was a weaker quarter for the company, with full year revenue guidance missing analysts' expectations and slower customer growth.
"MongoDB delivered a strong finish to fiscal 2023, highlighted by 50% Atlas revenue growth and continued strength in winning new customers and workloads. Our continued new business momentum is driven in part by an increasing number of enterprise customers looking to standardize on MongoDB's developer data platform to accelerate innovation while driving greater operational efficiency in their business," said Dev Ittycheria, President and Chief Executive Officer of MongoDB.
MongoDB delivered the weakest full year guidance update of the whole group. The company added 106 enterprise customers paying more than $100,000 annually to a total of 1,651. The stock is down 5.31% since the results and currently trades at $216.79.
Read our full report on MongoDB here, it's free.
Best Q4: Snowflake (NYSE:SNOW)
Founded in 2013 by three French engineers who spent decades working for Oracle, Snowflake (NYSE:SNOW) provides a data warehouse-as-a-service in the cloud that allows companies to store large amounts of data and analyze it in real time.
Snowflake reported revenues of $589 million, up 53.5% year on year, beating analyst expectations by 2.36%. It was a mixed quarter for the company, with exceptional revenue growth but a decline in net revenue retention rate.
Snowflake achieved the fastest revenue growth among its peers. The company added 43 enterprise customers paying more than $1m annually to a total of 330. The stock is down 11.5% since the results and currently trades at $136.74.
Is now the time to buy Snowflake? Access our full analysis of the earnings results here, it's free.
Weakest Q4: Commvault Systems (NASDAQ:CVLT)
Originally formed in 1988 as part of Bell Labs, Commvault (NASDAQ: CVLT) provides enterprise software used for data backup and recovery, cloud and infrastructure management, retention and compliance.
Commvault Systems reported revenues of $195.1 million, down 3.61% year on year, missing analyst expectations by 4.28%. It was a weaker quarter for the company, with declining revenue and a miss of the top line analyst estimates.
Commvault Systems had the weakest performance against analyst estimates and slowest revenue growth in the group. The company added 33 enterprise customers paying more than $100,000 annually to a total of 206. The stock is down 12.4% since the results and currently trades at $54.91.
Read our full analysis of Commvault Systems's results here.
DigitalOcean (NYSE:DOCN)
Started by brothers Ben and Moisey Uretsky, DigitalOcean (NYSE: DOCN) provides a simple, low-cost platform that allows developers and small and medium sized businesses to host applications and data in the cloud.
DigitalOcean reported revenues of $163 million, up 36.2% year on year, beating analyst expectations by 1.18%. It was a weak quarter for the company, with revenue guidance for the next quarter and full year below analyst expectations.
The company added 535,000 customers to a total of 677,000. The stock is up 5.51% since the results and currently trades at $34.84.
Read our full, actionable report on DigitalOcean here, it's free.
Couchbase (NASDAQ:BASE)
Formed in 2011 with the merger of Membase and CouchOne, Couchbase (NASDAQ:BASE) is a database as a service platform that allows enterprises to store large volumes of semi-structured data.
Couchbase reported revenues of $41.6 million, up 18.7% year on year, beating analyst expectations by 8.87%. It was a weaker quarter for the company, with a full year guidance missing analysts' expectations.
Couchbase pulled off the strongest analyst estimates beat and highest full year guidance raise among the peers. The stock is down 17.6% since the results and currently trades at $13.41.
Read our full, actionable report on Couchbase here, it's free.
The author has no position in any of the stocks mentioned