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Why MongoDB's Shares Are Trading Higher Today

Published 07/06/2022, 16:57
Updated 07/06/2022, 17:40
© Reuters.  Why MongoDB's Shares Are Trading Higher Today
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  • MongoDB, Inc (NASDAQ: MDB) declared multiple updates to its database at its annual MongoDB World conference.
  • MongoDB disclosed the addition of querying encrypted data without having to decrypt it first, columnstore indexing, and a new SQL interface.
  • MongoDB exploited the event to discuss its 'developer data platform,' the TechCrunch reports.
  • Also Read: Read How Analysts Reacted To MongoDB Post Q1 Earnings Beat
  • CTO Mark Porter saw the announcements as realizing the last four or five years of work for MongoDB.
  • After starting as a pure database service, MongoDB expanded its core service by adding features like integrated search, acquiring the mobile application development platform Realm, and launching the Atlas data lake service.
  • MongoDB launched a new integration with Jamstack startup Vercel helping developers to more efficiently use MongoDB as the database to build websites and applications on top of Vercel's platform.
  • MongoDB's new Atlas SQL Interface offered its query language, MQL.
  • The data analysts' familiarity with SQL led to Mongo chasing the market. However, it looked to retain MQL as well.
  • MongoDB also added columnstore indexing, helping users create and maintain purpose-built indexes and query those significantly faster than before.
  • MongoDB also looked to incorporate time-series collections into the database to help developers build applications that monitor physical systems or track financial data.
  • Price Action: MDB shares traded higher by 6.15% at $291.58 on the last check Tuesday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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