Datadog (DDOG) early Thursday reported March-quarter earnings and revenue that topped analyst estimates, while revenue guidance came in just below expectations. DDOG stock rose on the news.
X
New York-based Datadog reported first-quarter earnings before the market open. Datadog stock climbed 4.4% to 68.75 in early trading on the stock market today.
Datadog earnings were 28 cents per share on an adjusted basis, up 16% from a year earlier. The enterprise software maker’s revenue jumped 33% to $482 million.
A year earlier, Datadog earned 24 cents on revenue of $363 million.
DDOG Stock: Revenue Outlook Light
Meanwhile, analysts expected Datadog to report profit of 23 cents a share on revenue of $470 million.
For the current quarter ending in June, Datadog forecasts profit of 28 cents vs. estimates of 26 cents. Datadog said it expects revenue of $500 million at the mid-point of guidance vs. estimates of $502 million.
Started in 2010, Datadog operates a monitoring and analytics platform for software developers and information-technology departments. Datadog has a partnership with Amazon Web Services, the cloud computing unit of Amazon.com (AMZN). Worries over slowing cloud computing growth have pressured Datadog stock.
Heading into the Datadog earnings report, the software stock was down 67% from its November 221 high. It had a Relative Strength Rating of 18 out of a best-possible 99, according to IBD Stock Checkup. DDOG stock is down about 12% in 2023.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
YOU MIGHT ALSO LIKE:
IBD Digital: Unlock IBD’s Premium Stock Lists, Tools And Analysis Today
Learn How To Time The Market With IBD’s ETF Market Strategy
How To Use The 10-Week Moving Average For Buying And Selling
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
Source: https://www.investors.com/news/technology/ddog-stock-datadog-earnings-q12023/?src=A00220&yptr=yahoo