Twice in recent months MongoDB shares have plunged on concerns about competition from Amazon.
MongoDB posted stunning revenue growth Wednesday for its fiscal fourth quarter of 2019, quelling concerns of a threat from cloud rival Amazon Web Services.
MongoDB posted a 71 percent year-over-year gain in quarterly revenue, bolstered by strong numbers in the company's Atlas segment. "We believe periodic investor angst to moves by Amazon to compete with Mongo are, as they so often are when it comes to Amazon, overwrought," analysts for Canaccord Genuity wrote in a note to clients Wednesday night."The simple fact is that Amazon is a self-service vendor and the customers that Mongo is helping require sales interaction and certainly finer grained governance than AMZN's stripped down version.
"Clearly there's a massive secular shift of moving workloads from on-premise to the cloud," CEO Dev Ittycheria told CNBC's "Squawk Alley" Thursday."Now our offering runs on Amazon, runs on Google — so they're beneficiaries of our growth.""I mean who doesn't compete with Amazon today?" he said."They actually helped the deployment of Atlas on their cloud, we work with them in the field, we've closed a lot of joint customers.
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