However, management guided for a seasonal impact on consumption growth in the Atlas segment (roughly 2/3 of overall revenue) around the holidays. Additionally, the projection of a sequential decline in non-Atlas revenues deviates from the typical Q4 uptick. Overall, the quarter was mixed, and the commentary on near-term growth outlook may raise concerns among investors. Here is an example of a stock that is performing quite well on an absolute basis but given its high valuation multiple (a proxy for high expectations), must put up very impressive quarters with no warts to get the market excited and the stock up. Following the results, Monness, Crespi, Hardt analyst Brian White noted, "The tone of the call was less upbeat than past gatherings with MongoDB highlighting upside in Enterprise Advanced and inline cloud performance for Atlas." MongoDB is up 110% since the beginning of the year, and at $399.71 per share it is trading close to its 52-week high of $435.23 from November 2023.