CFLT - 2 Growth Stocks That Aren't Slowing Down
2023-06-21 06:40:00 ET
Enterprise software companies are facing a challenging environment. Businesses are looking to cut costs and save money, and the appetite for expensive new tech projects has waned. Winning new customers and convincing existing customers to expand usage is becoming more difficult.
MongoDB (NASDAQ: MDB) and Confluent (NASDAQ: CFLT) stand out as software providers that are holding up better than most in these circumstances. By offering customers a way to simplify operations and potentially reduce costs, both companies are still putting up impressive numbers.
Nearly two-thirds of MongoDB's revenue in the first quarter of fiscal 2024, which ended April 30, came from the company's cloud-based Atlas database service. While MongoDB's core database software is open source and can be downloaded and run anywhere, it's clear from Atlas's impressive growth that developers and businesses want a managed option that removes complexity.
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2 Growth Stocks That Aren't Slowing Down