As the Q2 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the data storage industry, including MongoDB (NASDAQ: MDB) and its peers.

Data is the lifeblood of the internet and software in general, and the amount of data created is accelerating. As a result, the importance of storing the data in scalable and efficient formats continues to rise, especially as its diversity and associated use cases expand from analyzing simple, structured datasets to high-scale processing of unstructured data such as images, audio, and video.

The 4 data storage stocks we track reported a very strong Q2. As a group, revenues beat analysts’ consensus estimates by 4.5% while next quarter’s revenue guidance was in line.

Luckily, data storage stocks have performed well with share prices up 31.1% on average since the latest earnings results.

MongoDB (NASDAQ: MDB)

Named after "humongous database," reflecting its ability to handle massive data loads, MongoDB (NASDAQ: MDB) provides a flexible document-based database platform that helps developers build, deploy, and maintain modern applications more efficiently.

MongoDB reported revenues of $591.4 million, up 23.7% year on year. This print exceeded analysts’ expectations by 6.8%. Overall, it was a very strong quarter for the company with a solid beat of analysts’ billings estimates and EPS guidance for next quarter exceeding analysts’ expectations.

"MongoDB delivered strong second quarter results across the board, highlighted by Atlas revenue growth accelerating to 29% and adding over 5,000 customers year-to-date, the highest ever in the first half of the year. We also delivered meaningful margin outperformance as we executed on our plan to drive profitable growth. Reflecting this strength, we are raising our guidance on the top and bottom line for the rest of the year" said Dev Ittycheria, President and Chief Executive Officer of MongoDB.

MongoDB scored the biggest analyst estimates beat and highest full-year guidance raise of the whole group. The company added 58 enterprise customers paying more than $100,000 annually to reach a total of 2,564. Unsurprisingly, the stock is up 51.9% since reporting and currently trades at $325.56.

We think MongoDB is a good business, but is it a buy today? Read our full report here, it’s free.

Best Q2: Snowflake (NYSE: SNOW)

Named after the unique architecture of its data warehouse which resembles a snowflake pattern, Snowflake (NYSE: SNOW) provides a cloud-based data platform that enables organizations to consolidate, analyze, and share data across multiple cloud providers.

Snowflake reported revenues of $1.14 billion, up 31.8% year on year, outperforming analysts’ expectations by 4.9%. The business had an exceptional quarter with a solid beat of analysts’ EBITDA estimates and an impressive beat of analysts’ billings estimates.

Snowflake pulled off the fastest revenue growth among its peers. The company added 48 enterprise customers paying more than $1 million annually to reach a total of 654. The market seems happy with the results as the stock is up 20.7% since reporting. It currently trades at $241.99.

Is now the time to buy Snowflake? Access our full analysis of the earnings results here, it’s free.

Slowest Q2: DigitalOcean (NYSE: DOCN)

Built for simplicity in a world of complex cloud solutions, DigitalOcean (NYSE: DOCN) provides a simplified cloud computing platform that enables developers and small businesses to quickly deploy and scale applications.

DigitalOcean reported revenues of $218.7 million, up 13.6% year on year, exceeding analysts’ expectations by 1%. It may have had the worst quarter among its peers, but its results were still good as it also locked in full-year EPS guidance exceeding analysts’ expectations and a solid beat of analysts’ EBITDA estimates.

DigitalOcean delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update in the group. Interestingly, the stock is up 43.3% since the results and currently trades at $38.75.

Read our full analysis of DigitalOcean’s results here.

Commvault (NASDAQ: CVLT)

Born from the need to create ironclad protection in an increasingly dangerous digital world, Commvault (NASDAQ: CVLT) provides data protection and cyber resilience software that helps organizations secure, back up, and recover their data across on-premises, hybrid, and multi-cloud environments.

Commvault reported revenues of $282 million, up 25.5% year on year. This number surpassed analysts’ expectations by 5.2%. It was a very strong quarter as it also put up a solid beat of analysts’ billings estimates and an impressive beat of analysts’ annual recurring revenue estimates.

The stock is up 8.5% since reporting and currently trades at $177.42.

Read our full, actionable report on Commvault here, it’s free.

Market Update

Thanks to the Fed’s series of rate hikes in 2022 and 2023, inflation has cooled significantly from its post-pandemic highs, drawing closer to the 2% goal. This disinflation has occurred without severely impacting economic growth, suggesting the success of a soft landing. The stock market thrived in 2024, spurred by recent rate cuts (0.5% in September and 0.25% in November), and a notable surge followed Donald Trump’s presidential election win in November, propelling indices to historic highs. Nonetheless, the outlook for 2025 remains clouded by potential trade policy changes and corporate tax discussions, which could impact business confidence and growth. The path forward holds both optimism and caution as new policies take shape.

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