By Tech Edge Editorial
MongoDB (Nasdaq: MDB), a data platform player company, reported total revenue of $423.8 million in its second quarter results, a 40% increase year-over-year.
The company saw a gross profit of $318.5 million, 75% gross margin compared to 71% in the year-ago period, it said. Net loss decreased to $37.6 million or $0.53 per share for the quarter, it said.
MongoDB launched its new product, the Atlas Vector Search, which simplifies the integration of generative AI and semantic search functionality, the company said. It includes an expanded partnership with Google Cloud that enables developers to use Google Cloud’s Vertex AI models and tools, it stated.
“The focus in enterprise AI for the next year or two will be on AI enablement tools and platforms,” The Futurum Group CEO Daniel Newman said. “The models themselves are only part of building generative AI applications – developers need frameworks, SDKs, and libraries and, most importantly in this case, access to and manipulation of proprietary enterprise data.”
Read the full report from The Futurum Group.
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