As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at data storage stocks, starting with MongoDB (NASDAQ: MDB).

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 strong Q3. As a group, revenues beat analysts’ consensus estimates by 2.6% while next quarter’s revenue guidance was in line.

While some data storage stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.8% since the latest earnings results.

Best Q3: 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 $628.3 million, up 18.7% year on year. This print exceeded analysts’ expectations by 5.7%. Overall, it was an exceptional quarter for the company with an impressive beat of analysts’ billings estimates and EPS guidance for next quarter exceeding analysts’ expectations.

"MongoDB delivered strong third quarter results that exceeded the high-end of our guidance driven by continued strength in Atlas, which saw growth accelerate to 30% year-over-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 CJ Desai, 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 130 enterprise customers paying more than $100,000 annually to reach a total of 2,694. Unsurprisingly, the stock is up 27.5% since reporting and currently trades at $420.70.

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

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 $1.21 billion, up 28.7% year on year, outperforming analysts’ expectations by 2.4%. The business had a strong quarter with a solid beat of analysts’ EBITDA estimates and a decent beat of analysts’ revenue estimates.

Snowflake pulled off the fastest revenue growth among its peers. The company added 34 enterprise customers paying more than $1 million annually to reach a total of 688. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 17.3% since reporting. It currently trades at $220.10.

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

Weakest Q3: 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 $276.2 million, up 18.4% year on year, exceeding analysts’ expectations by 1.1%. Still, it was a mixed quarter as it posted a miss of analysts’ EBITDA estimates.

Commvault delivered the weakest performance against analyst estimates and weakest full-year guidance update in the group. As expected, the stock is down 31.1% since the results and currently trades at $119.98.

Read our full analysis of Commvault’s results here.

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 $229.6 million, up 15.7% year on year. This result topped analysts’ expectations by 1.4%. Taking a step back, it was a satisfactory quarter as it also produced a solid beat of analysts’ EBITDA estimates but EPS guidance for next quarter missing analysts’ expectations significantly.

DigitalOcean had the slowest revenue growth among its peers. The stock is up 13.7% since reporting and currently trades at $44.16.

Read our full, actionable report on DigitalOcean here, it’s free for active Edge members.

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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