Month: June 2023

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The creators of MongoDB (MDB 1.89%) built the database to address traditional databases’ limitations that create difficulties for app developers. Since its launch in 2009, it has gained massive popularity among developers by tackling their pain points.

In October 2017, the company came public at an initial offering price of $24 per share. If you had purchased the stock at that price, your return on investment today would be an astounding 1,625%. However, MongoDB’s shares have underperformed since the end of 2021 due to the company’s lack of profitability in a rising interest rate environment. Although the stock has recently rallied, the risk of it dropping again in case a recession gets underway is high.

Suppose you are a worried shareholder wondering what to do in this uncertain environment. It would be best if you remained invested in MongoDB stock despite the risk its price could fall in the short term. Here’s why.

1. Artificial intelligence (AI) needs a great database

MongoDB has many favorable qualities that make it an excellent choice for use in many forms of AI. Some of these attributes include:

• Flexible data model: MongoDB uses a data model that makes it easy to store and process data that can’t fit easily in the rows and columns of an Excel spreadsheet, such as images, audio, and unformatted text data.
• Scalability: The database can quickly scale to meet the demands of large AI applications.
• Performance: It can often be faster than traditional databases for certain queries, which is beneficial for AI applications that process large amounts of data in real-time.
• Community: It has an extensive and active community of developers, so many resources are available to help developers new to the platform.

After OpenAI introduced ChatGPT in late 2022, it created massive interest from companies in all forms of AI. Since MongoDB is popular for AI usage, its sales should benefit significantly from the proliferation of AI applications.

2. It’s vital to the application economy

“Application economy” refers to the economic activity produced when creating, selling, and using mobile apps and other software applications. The specific portion of the application economy where MongoDB plays is the database management software market. According to IDC, the $95 billion market will expand at a 13% compound annual growth rate to reach around $138 billion in 2026.

MongoDB’s success depends directly on the success of the applications that software developers build. The more popular an application becomes, the more developers spend on its platform. MongoDB’s chief executive officer says it this way:

As these applications become successful, customers spend more with MongoDB. In other words, their spend on our platform is directly aligned with their usage of their underlying application. Therefore, the value they derived from it. While the growth rate of existing applications can vary based on a number of factors, including macro conditions, the relationship between … application usage growth and MongoDB spend has remained consistent.

MongoDB is one of the most popular databases supporting developers because its attributes make it a good choice for mobile apps, social media platforms, and e-commerce websites. It consistently ranks in Stack Overflow’s annual developer survey in the top five most popular databases for all developers. And in the 2023 survey, it was the second-most-popular database for those learning coding.

As a result of MongoDB’s popularity among developers, it has been able to achieve significant revenue growth. In the 2022 fiscal year, its revenue soared 47% versus the previous year to $1.28 billion, driven by the increasing adoption of MongoDB by developers building applications for the application economy.

3. Real-time data is a popular feature

Users highly value MongoDB’s ability to access real-time data because it enables them to make informed decisions. Real-time data updates instantly as events occur, which is vital for businesses to make timely adjustments. For instance, an online retailer can use real-time data to identify popular and unpopular products and adjust prices, stock levels, and marketing campaigns accordingly.

Real-time data is also vital for companies that need to track customer behavior. A bank, for example, can use real-time data to detect fraudulent transactions and prevent them by monitoring customer spending on credit and debit cards. Overall, real-time data is becoming increasingly crucial for businesses of all sizes. It allows them to make better decisions, improve customer service, and prevent fraud — all mission-critical functions.

Investors want to see profitability

MongoDB has yet to achieve profitability, both on the basis of Generally Accepted Accounting Principles (GAAP), or when adjusted to exclude non-operating costs. Despite rising revenue, GAAP operating income profitability has been going downhill since its initial public offering until relatively recently.

MDB Operating Income (Quarterly) data by YCharts.

In a bull market, investors are usually ok with a “growth at all costs” strategy of chasing market share and revenue growth at the expense of profitability. However, in a slowing economy, a company with declining revenue growth and profitability falling will see investors become rapidly disenchanted and sell the stock.

In July 2022, MongoDB’s operating expenses grew more than its declining revenue growth, resulting in a significant drop in operating income profitability, as shown in the following data.

MDB Revenue (Quarterly YoY Growth) data by YCharts.

In a rising interest rate environment with lingering possibilities of a recession, Wall Street hates seeing operating income sink more deeply into the red. Eventually, the stock plunged to a 52-week low on November 9, 2022, to $135.15.

The company has since reigned in costs, and operating income has improved significantly, a reason why the stock now sells at $373.00.

Suppose you invest in this stock at its current price. In that case, you are betting on MongoDB’s ability to re-accelerate revenue as the economy rebounds, manage expenses, outperform its competitors, and eventually see profitability — a difficult task. Its high growth potential comes with a risky price-to-sales ratio of 19. Hold on to current shares, but wait for a more reasonable valuation before buying new shares.

Article originally posted on mongodb google news. Visit mongodb google news

Posted on mongodb google news. Visit mongodb google news

For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Is MongoDB (MDB) one of those stocks right now? A quick glance at the company’s year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.

MongoDB is a member of our Computer and Technology group, which includes 640 different companies and currently sits at #9 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. MongoDB is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for MDB’s full-year earnings has moved 29.6% higher. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.

According to our latest data, MDB has moved about 97.3% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 36.5% on a year-to-date basis. As we can see, MongoDB is performing better than its sector in the calendar year.

Another stock in the Computer and Technology sector, Meta Platforms (META), has outperformed the sector so far this year. The stock’s year-to-date return is 136.7%.

The consensus estimate for Meta Platforms’ current year EPS has increased 16.8% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

To break things down more, MongoDB belongs to the Internet – Software industry, a group that includes 146 individual companies and currently sits at #103 in the Zacks Industry Rank. On average, stocks in this group have gained 47.6% this year, meaning that MDB is performing better in terms of year-to-date returns. Meta Platforms is also part of the same industry.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to MongoDB and Meta Platforms as they could maintain their solid performance.

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Zacks Investment Research

Article originally posted on mongodb google news. Visit mongodb google news

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Yarbrough Capital LLC increased its stake in shares of MongoDB, Inc. (NASDAQ:MDB – Get Rating) by 376.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,977 shares of the company’s stock after purchasing an additional 2,352 shares during the quarter. Yarbrough Capital LLC’s holdings in MongoDB were worth $694,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. 1832 Asset Management L.P. lifted its holdings in MongoDB by 3,283,771.0% in the fourth quarter. 1832 Asset Management L.P. now owns 1,018,000 shares of the company’s stock valued at $200,383,000 after acquiring an additional 1,017,969 shares during the period. Renaissance Technologies LLC lifted its holdings in MongoDB by 493.2% in the fourth quarter. Renaissance Technologies LLC now owns 918,200 shares of the company’s stock valued at $180,738,000 after acquiring an additional 763,400 shares during the period. Norges Bank acquired a new stake in MongoDB in the fourth quarter valued at $147,735,000. William Blair Investment Management LLC lifted its holdings in MongoDB by 2,354.2% in the fourth quarter. William Blair Investment Management LLC now owns 387,366 shares of the company’s stock valued at $76,249,000 after acquiring an additional 371,582 shares during the period. Finally, Marshall Wace LLP lifted its holdings in MongoDB by 87.4% in the third quarter. Marshall Wace LLP now owns 696,998 shares of the company’s stock valued at $138,396,000 after acquiring an additional 325,136 shares during the period. 89.22% of the stock is owned by institutional investors and hedge funds.

MongoDB Trading Down 0.3 %

Shares of NASDAQ MDB traded down $1.27 during midday trading on Friday, hitting $387.09. The stock had a trading volume of 658,668 shares, compared to its average volume of 1,778,730. The company has a market capitalization of $27.11 billion, a price-to-earnings ratio of -83.16 and a beta of 1.04. MongoDB, Inc. has a 1-year low of $135.15 and a 1-year high of $398.89. The company has a quick ratio of 4.19, a current ratio of 4.19 and a debt-to-equity ratio of 1.44. The company has a fifty day moving average price of $292.30 and a 200 day moving average price of $236.48.

MongoDB (NASDAQ:MDB – Get Rating) last released its quarterly earnings results on Thursday, June 1st. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.18 by $0.38. The firm had revenue of $368.28 million for the quarter, compared to analyst estimates of $347.77 million. MongoDB had a negative return on equity of 43.25% and a negative net margin of 23.58%. MongoDB’s revenue for the quarter was up 29.0% on a year-over-year basis. During the same period in the previous year, the company posted ($1.15) EPS. On average, analysts predict that MongoDB, Inc. will post -2.85 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Hope F. Cochran sold 2,174 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $373.19, for a total transaction of $811,315.06. Following the transaction, the director now directly owns 8,200 shares of the company’s stock, valued at approximately $3,060,158. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other MongoDB news, Director Hope F. Cochran sold 2,174 shares of MongoDB stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $373.19, for a total transaction of $811,315.06. Following the sale, the director now directly owns 8,200 shares in the company, valued at approximately $3,060,158. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Mark Porter sold 1,900 shares of MongoDB stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $226.17, for a total value of $429,723.00. Following the sale, the chief technology officer now owns 43,009 shares in the company, valued at $9,727,345.53. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 108,856 shares of company stock valued at $27,327,511. Corporate insiders own 4.80% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group raised their price target on MongoDB from $420.00 to $440.00 in a research report on Friday. KeyCorp raised their price target on MongoDB from $229.00 to $264.00 and gave the company an “overweight” rating in a research report on Thursday, April 20th. Oppenheimer raised their price target on MongoDB from $270.00 to $430.00 in a research report on Friday, June 2nd. JMP Securities raised their price target on MongoDB from $245.00 to $370.00 in a research report on Friday, June 2nd. Finally, Citigroup raised their price target on MongoDB from $363.00 to $430.00 in a research report on Friday, June 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $349.87.

MongoDB Profile

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MongoDB, Inc provides general purpose database platform worldwide. The company offers MongoDB Atlas, a hosted multi-cloud database-as-a-service solution; MongoDB Enterprise Advanced, a commercial database server for enterprise customers to run in the cloud, on-premise, or in a hybrid environment; and Community Server, a free-to-download version of its database, which includes the functionality that developers need to get started with MongoDB.

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Article originally posted on mongodb google news. Visit mongodb google news

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On June 23, 2023, Rishi Jaluria, a prominent analyst at RBC Capital, expressed his positive outlook on MongoDB (NASDAQ:MDB) by maintaining an Outperform rating and raising the price target from $400 to $445. This recent rating adds to the 23 buy ratings, 4 hold ratings, and 1 sell rating that MongoDB had previously received. The current average one-year price target for the company stands at $367.37, with a high forecast of $445. It is worth noting that as of June 2, 2023, the average portfolio weight of all funds dedicated to MDB has decreased by 17.03%, with the current average portfolio weight sitting at 0.33%.

MDB Stock: Stable Performance and Promising Future Projections in the Technology Services Industry

On June 23, 2023, MDB stock opened at 386.78 and fluctuated within a range of 380.55 to 391.74. The day’s volume was 43,468, and MDB’s market cap was $26.8B. MDB is a technology services company that specializes in packaged software. The company’s earnings growth last year was -5.89%, but this year it has experienced a significant increase of 89.49%. Over the next five years, the company is projected to experience a growth rate of 8.00%. The company’s P/E ratio is not available, and its net profit margin is -26.90%. However, the company’s EPS forecast for this quarter is $0.46, which suggests that the company may be on track to become profitable soon. In comparison to other companies in the packaged software industry, MDB’s stock performance on June 23, 2023 was relatively stable.

MongoDB Incs Stock (MDB) Closes at 398.63 with Positive 12-Month Price Forecast and Buy Recommendation by Investment Analysts

On June 23, 2023, MongoDB Inc’s stock (MDB) closed at 398.63, a 2% increase from its previous closing price. The median estimate by 21 analysts for MDB’s 12-month price forecast was 410.00, with a high estimate of 445.00 and a low estimate of 210.00. The current consensus among 26 polled investment analysts is to buy stock in MongoDB Inc, indicating the company is performing well. MongoDB Inc’s EPS for the current quarter is $0.46, with sales of $393.9M, but the reporting date for this quarter is yet to be determined.

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After MongoDB’s MDB annual investor session, we are increasing our fair value estimate for MongoDB shares to $379 per share from $335 per share out of increased confidence in MongoDB’s ability to convert legacy relational customers to MongoDB’s document-based, nonrelational platform. We previously were more conservative on the opportunity here, as the road to such conversions are extremely complex. However, today MongoDB announced the general availability of their Relational Migrator, which simplifies the process of legacy relational database users moving over to MongoDB’s platform. In addition, we’ve been tracking impressive wins from Oracle—such as China Mobile (announced with the firm’s last earnings results), which moved a subset of workloads to MongoDB that ended up increasing performance to 80%.

While we have increased confidence in MongoDB converting legacy relational customers, the investor session largely highlighted new offerings in the wheelhouse of what we have consistently believed MongoDB does best: streamlining the developer experience in the nonrelational database universe. These newly announced tools include vector search (an integral part of generative AI) and stream processing (the ability to take action onto new data as it is funneling into a database in real time). We continue to believe nonrelational database needs will drive the majority of new growth in the database management software market. However, this does not undermine the massive conversion opportunity in the existing relational database market that we believe now can help further push MongoDB’s market share in the fast-growing data management software market from roughly 2% today to 3% by 2030.

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More about the company

Article originally posted on mongodb google news. Visit mongodb google news

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MongoDB (NASDAQ:MDB) shares slipped fractionally in pre-market trading on Friday even as several Wall Street analysts praised the announcements that the company made at its developer conference.

Stifel analyst Brad Reback said the announcements, many of which were focused on artificial intelligence, were “very well received” by customers and partners. Reback added that the pace of new product introductions seems to be accelerating, allowing MongoDB (MDB) to maintain its top spot for developer data platforms.

Reback boosted his per-share price target to $420 from $375 and noted the firm’s confidence for MongoDB (MDB) to “sustain well above industry growth rates” was reinforced.

RBC Capital analyst Rishi Jaluria was also impressed, as he reiterated his outperform rating after the conference. Jaluria said that MongoDB (MDB) is continuing to add more customer workloads and looks to have “strong positioning” to be a long-term beneficiary of the platform shift to focus on generative AI.

Jaluria also raised his per-share price target to $445 from $400.

Goldman Sachs analyst Kash Rangan increased his per-share price target to $440 from $420, noting the firm left the event “increasingly constructive” on MongoDB’s ability to add new customers and workloads and help it generate more than $6B in revenue over the long-term.

More on MongoDB

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MongoDB (MDB Quick QuoteMDB – Free Report) has announced a collaboration with Alphabet’s (GOOGL Quick QuoteGOOGL – Free Report) Google Cloud to launch an initiative, which is aimed at facilitating the adoption of generative artificial intelligence (AI) and enabling the development of innovative applications.

MongoDB Atlas, the multi-cloud developer data platform widely used by customers and developers worldwide, will play a central role in this initiative. By leveraging its integrated operational data store, MongoDB Atlas will simplify and expedite the process of building generative AI-powered applications for organizations of all sizes.

Developers can now utilize MongoDB Atlas along with Google Cloud’s Vertex AI large language models and benefit from quick-start architecture reviews provided by MongoDB and Google Cloud professional services. This collaboration aims to accelerate software development for developers.

The emergence of generative AI technology, such as Large Language Model, has unfolded exciting possibilities for transforming user interactions with applications. Developers are eager to harness the potential of generative AI to fuel their creativity and develop innovative applications.

MongoDB’s New Applications to Aid Top Line

MongoDB Atlas is a prominent developer data platform that operates across multiple cloud environments, streamlining and expediting the process of building applications with data. By offering a comprehensive range of data and application services within a unified environment, MongoDB Atlas empowers developer teams to swiftly create modern applications with the essential capabilities, performance and scalability.

MDB unveiled several new products and features for MongoDB Atlas. These additions aim to enhance the process of building modern applications for various use cases. The newly introduced feature includes MongoDB Atlas Vector Search, which utilizes generative AI capabilities for precise information retrieval and personalization.

Additionally, MongoDB Atlas Search Nodes provide dedicated resources for enterprise-scale search workloads. MongoDB Atlas Stream Processing facilitates the management of high-velocity streams of complex data. MongoDB Time Series collections have undergone significant scaling and efficiency improvements.

Lastly, MongoDB Atlas Data Federation empowers users to query data and isolate workloads on Microsoft Azure. Collectively, these advancements in MongoDB Atlas offer businesses the opportunity to enhance operational efficiency and accelerate innovation by consolidating diverse workloads on a single and comprehensive developer data platform across the organization.

The company expects total revenues between $388 million and $392 million in the second quarter of fiscal 2024. MDB’s non-GAAP net income per share is expected between 43 cents and 46 cents.

The Zacks Consensus Estimate for MDB’s second-quarter fiscal 2024 earnings is pegged at a profit of 41 cents per share. The Zacks Consensus Estimate for revenues is pegged at $384.68 million, indicating year-over-year growth of 26.68%.

Zacks Rank & Other Key Picks

Currently, MongoDB carries a Zacks Rank #2 (Buy).

Shares of MDB have gained 97.3% year to date compared with the Zacks Computer and Technology sector’s rise of 34.7% in the same time frame.

Some other top-ranked stocks from the broader sector, which investors can consider, are Dropbox (DBX Quick QuoteDBX – Free Report) and BlackLine (BL Quick QuoteBL – Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Dropbox have gained 18.1% year to date. The Zacks Consensus Estimate for DBX’s second-quarter 2023 revenues is pegged at $613.64 million, indicating year-over-year growth of 7.15%. The consensus mark for earnings is pegged at 45 cents per share, which has remained unchanged over the past 30 days.

Shares of BlackLine have declined 18.7% year to date. The Zacks Consensus Estimate for BL’s second-quarter 2023 revenues is pegged at $143.9 million, indicating year-over-year growth of 12%. The consensus mark for earnings is pegged at 28 cents per share, which has remained unchanged over the past 30 days.

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The recent QCon New York conference featured a panel discussion titled “Navigating the Future: LLM in Production.” Some key takeaways are that there are two trends in LLMS: closed models behind APIs and open-source models, and that organizations using LLMs will need to think deeply about testing and evaluating the models themselves, with a strong emphasis on risk mitigation.

The panel was moderated by Bozhao (Bo) Yu. Panelists included Sherwin Wu, a member of technical staff at OpenAI; Hien Luu, Sr. engineering manager at DoorDash; and Rishab Ramanathan, co-founder & CTO of Openlayer. The panelists discussed questions about large language models (LLMs) posed by Yu and fielded a few more from the audience at the end of the session.

Yu began by asking panelists their opinions of the future of LLMs in production and how they will be used. Ramanathan predicted that there would be two broad categories of use: low-risk scenarios, such as internal document retrieval; and higher risk scenarios, where LLMs would likely be used as a “copilot” rather than acting autonomously. Luu referred to a recent blog post by DoorDash’s Head of AI, which identified five usage areas; Luu elaborated on the use case of LLMs as digital assistants. Wu posited that there would be a mix of use cases: calling out to APIs for “closed” foundation models vs. running self-hosted open-source models.

Yu next posed the question of whether operating LLMs (LLMOps) would continue to be a part of MLOps, or if it would be a new discipline. Luu, who manages an MLOps team, thought it would be an extension of MLOps, pointing out that the goal of MLOps is to allow an organization to use ML “quickly, easily and efficiently.” Ramanathan agreed, but thought that there would be components of MLOps that might not be as important.

The next question was what parts of the ML workflow would be kept and what parts might need rethinking, in particular due to the challenges of serving very large models. Luu praised the efforts of the open-source community in researching ways to distribute models across GPUs. Wu suggested the focus would be on the input and output of the pipeline: the input being the data needed to fine-tune models, and the output being careful evaluation of the model output. Ramanathan seconded the need for evaluation, pointing out that consumers of an LLM’s output should “think deeply about testing it and evaluating it themselves.”

Yu concluded by asking the panelists for their “wish list” of LLM developments. Ramanathan, who had previously worked at Apple, wished for assistants such as Siri to gain abilities on par with ChatGPT. Wu wished for more progress on multimodal models as well as improvements in AI safety.

The panelists then answered several questions from audience members. One asked about whether prompt engineering would be a long-term need, or whether models would improve to the point where it was not needed. Wu agreed it was an open question, but speculated prompt engineering would be needed for at least five more years. Ramanathan pointed out that there were open-source libraries to help with prompt generation.

Several audience members asked questions about privacy and regulation, especially in light of the recent EU AI Act. Wu said that OpenAI’s perspective is that they would always follow the law, and would work to improve or fix their models to “have as far reach as possible.” Ramanathan followed up by pointing out that the new Act would require transparency of training datasets; he noted however that the law was rather “handwavy.”

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For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Is MongoDB (MDB Quick QuoteMDB – Free Report) one of those stocks right now? A quick glance at the company’s year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.

MongoDB is a member of our Computer and Technology group, which includes 640 different companies and currently sits at #9 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. MongoDB is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for MDB’s full-year earnings has moved 29.6% higher. This shows that analyst sentiment has improved and the company’s earnings outlook is stronger.

According to our latest data, MDB has moved about 97.3% on a year-to-date basis. Meanwhile, the Computer and Technology sector has returned an average of 36.5% on a year-to-date basis. As we can see, MongoDB is performing better than its sector in the calendar year.

Another stock in the Computer and Technology sector, Meta Platforms (META Quick QuoteMETA – Free Report) , has outperformed the sector so far this year. The stock’s year-to-date return is 136.7%.

The consensus estimate for Meta Platforms’ current year EPS has increased 16.8% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

To break things down more, MongoDB belongs to the Internet – Software industry, a group that includes 146 individual companies and currently sits at #103 in the Zacks Industry Rank. On average, stocks in this group have gained 47.6% this year, meaning that MDB is performing better in terms of year-to-date returns. Meta Platforms is also part of the same industry.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to MongoDB and Meta Platforms as they could maintain their solid performance.

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