From Nasdaq: 2024-05-01 17:09:03

Microsoft’s Azure cloud platform continues to dominate the industry with 95% of Fortune 500 companies as clients. The latest quarter saw a 31% growth in Azure revenue, with 7 percentage points attributed to AI services. Piper Sandler highlights Snowflake Inc. (SNOW) and MongoDB, Inc. (MDB) as key beneficiaries of Azure’s success.

Snowflake Inc. (SNOW) is valued at $51.9 billion and offers a cloud-based data platform. Despite CEO transition news, Snowflake’s fiscal Q4 earnings beat expectations with revenue of $774.7 million and non-GAAP EPS of $0.35. Forecasts predict a 26-27% year-over-year improvement in product revenue for Q1 and a 22% increase in fiscal 2025.

MongoDB, Inc. (MDB) provides a versatile database platform and reported Q4 earnings that surpassed predictions. Total revenue hit $458 million, with non-GAAP EPS reaching $0.86. MongoDB’s fiscal 2025 outlook includes a revenue range of $1.90 billion to $1.93 billion and non-GAAP EPS between $2.27 and $2.49. Analysts have a “Moderate Buy” rating on MDB with an average price target indicating a potential 15.3% upside.



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