MongoDB

MongoDB CEO Dev Ittycheria is stepping down after 11 years, replaced by Chirantan “CJ” Desai, previously of Cloudflare, effective November 10th. Ittycheria will remain on the board. The change follows Ittycheria’s decision not to commit to another five-year term. Under Ittycheria, MongoDB IPO’d in 2017 and shifted to cloud subscriptions, achieving significant growth. Desai aims to grow MongoDB to “$5 billion-plus” in revenue. MongoDB anticipates exceeding its Q3 revenue and earnings guidance.

Enterprise tech stocks, including MongoDB, Pure Storage, Snowflake, and Autodesk, rallied fueled by the artificial intelligence boom. MongoDB saw a 44% surge, while Pure Storage skyrocketed 33% after its deal with Meta. Snowflake’s AI Data Cloud is attracting customers, influencing nearly 50% of new logos. Autodesk, despite some challenges, is developing “AI-driven CAD engines.” These companies’ quarterly reports and executive commentary suggest the financial benefits of AI are broadening beyond Nvidia and cloud giants.

MongoDB (MDB) shares soared over 30% after Q2 fiscal results exceeded expectations with revenue of $591 million (a 24% YoY increase) and adjusted EPS of $1.00. MongoDB Atlas sales grew by 29% YoY, driven by increased cloud adoption. The company added over 5,000 new customers, a record for the first half of the year. MongoDB’s focus on larger enterprise deals is proving successful. The company’s Q3 and full-year guidance surpassed analysts’ estimates, signaling strong growth and investor confidence.