Amazon launched a new cloud service that's sending MongoDB shares down - CNBC CNBC - Thu 10 Jan 17:38 GMT
MongoDB stock was trading as much as 10 percent lower on Thursday after Amazon Web Services announced the launch of a competing database service.
Shares of MongoDB were down as much as 10 percent Thursday after Amazon introduced cloud-based database software that represents direct competition.
"Amazon DocumentDB is designed from the ground up to give customers the performance, scalability and availability they need when operating mission-critical MongoDB workloads at scale," AWS said in a statement.
MongoDB stock fell almost 5 percent in extended trading on Wednesday following the announcement.
They said the cloud database market can handle multiple competitors and that MongoDB has "differentiated functionality" available in its newer software.
The company offers a cloud-based version of its own database software atop the AWS computing and storage infrastructure, as well as on other clouds, including Microsoft Azure.