MongoDB Sees 24% Revenue Growth as AI Developers Adopt Its Databases

MongoDB saw its revenue increase by 24% year over year during the quarter ended July 31, in part because it gained new customers who are using its databases to build artificial intelligence applications.

The company’s MongoDB Atlas, a multi-cloud database described as “AI-ready,” saw its revenue growth accelerate to 29% during the quarter and added 5,000 customers in the first half, according to a Monday (Aug. 26) earnings release.

“These results reflect the strength of MongoDB’s platform, our flexible document model, expanded capabilities like search and vector search, enterprise readiness and the ability to run anywhere,” MongoDB President and CEO Dev Ittycheria said Monday during the company’s second-quarter earnings call. “Many of our recently added customers are building AI applications, underscoring how our value proposition is resonating for AI and why MongoDB is emerging as a key component of the AI infrastructure stack.”

Ittycheria said during the call that MongoDB is a “battle-tested enterprise platform” capable of meeting stringent requirements. For example, seven of the 10 largest banks globally are MongoDB customers.

The company’s product is also suitable for a range of use cases, includes features so customers can use it in place of a patchwork of other systems, and is emerging “as a standard for AI applications,” Ittycheria said.

“As we look ahead, we remain confident in MongoDB’s position to lead both the current wave of digital transformation and the next wave powered by AI,” Ittycheria said during the call.

While the number of AI-native customers is increasing, MongoDB’s growth is still driven by its core customer base, which is made up of large enterprises, Ittycheria said.

Enterprises are in the early stages of building custom AI applications and are being cautious about deploying the technology because they don’t yet trust it for use in anything other than “low-stakes use cases,” Ittycheria said.

In the future, though, as AI agents are developed and deployed, MongoDB is positioned to meet the needs of that technology, Ittycheria said.

“While there’s a lot more work that needs to be done, the underlying architecture that we have in MongoDB is well-suited to address those needs, and I think that we’ll be positioned to be a winner as people deploy more and more agents in their enterprise,” Ittycheria said during the call.

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