There is a database called MongoDB.
The database provider's shares spiked as much as 21% on Tuesday.
The company said in its third-quarter results that sales increased by 50%. CNBC reported that analysts predicted $205 million. The company beat on its earnings. It recorded a loss of $0.11 per share, compared to estimates of a loss of $0.38 per share.
Atlas is one of the company's core products and makes up more than half of its quarterly sales. Its revenue increased in the third quarter. On the earnings call, it was stated that "unprecedented growth in the cryptocurrencies markets" has led to the move of more workload to Atlas.
The early, but growing, trend of customers choosing MongoDB as an enterprise standard for their future application development is a key driver of our success. "Our success across industries and a wide variety of use cases puts us in a great position to build even deeper relationships with our customers over time."
The stock was trading at $497.13 in New York at 11:14 a.m. HypeEquity data shows that it was the second top stock on the investing threads. It was the 25th most traded stock on Tuesday.
Despite being in a market dominated by Amazon, Microsoft, and Google, the company has found success thanks to its beginnings as an open-source project, free for anyone to use, download, or modify. The shares of MongoDB have increased in value.
In October of last year, MongoDB went public with a value of $1.6 billion. Critics said the company was crazy for being based outside of Silicon Valley. The market value of MongoDB is $33 billion.
Business Insider has an original article.
