TMTB EOD Wrap

QQQs +40bps on a sleepy Tuesday int he last week of August.

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Post-close MDB +23% blew out #s putting up 29% y/y Atlas growth, well ahead of bogeys of 26-27% and accel off 26%. Total Revs $591M vs buyside closer to $575M. Q3 Rev guide a bit better at $587-$592M vs street at $582M and a touch below buyside but will likely be viewed as conservative given new CFO. Decent set up ahead with co at Citi conf in early Sept and analyst day in Mid Sept. Comps get easier for 2 more quarters so most will pencil in a 30% Atlas number, then we get closer to ‘26 when AI will be a bigger driver of the biz…

Some good discussion in TMTB chat pre-earnings on this one this morning:

Love when I hear stuff like this:

Thanks to all those who continue to contribute on TMTB chat…I’m not exaggerating when I say I think it’s the best place for fundamental Tech talk anywhere on the web and rivals or surpasses any Bloomberg chat I have.

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OKTA +4% looks ok with an inline cRPO # at +13% and better revs ($728M vs street at $697M). Non gaap margins 200bps better than street. Q3 guide for $729M at midpt, in line with buyside (10% y/y growth). Taking up FY Revenue to 10-11% vs street at 9.5%.

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Short one today as not a lot of news flow…let’s get to it…

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INTERNET

• CHWY: +2.5% 3p data has been better here as of late. Today Cleveland was out saying Q3 tracking ahead with channel sounding more constructive on 2H25 outlook.

• EBAY -4%/ ETSY -2%

TMTB Chat

• DUOL -2% as Google is rolling out a new AI-powered experimental feature in Google Translate designed to help people practice and learn a new language. Translate is also gaining new live capabilities to make it easier to communicate in real time with a person speaking a different language. More here from Techrunch. Yup, these headlines not going away any time soon.