{"id":10820,"date":"2023-11-07T22:52:30","date_gmt":"2023-11-07T22:52:30","guid":{"rendered":"https:\/\/infundpros.com\/investment\/datadogs-stock-explodes-toward-best-day-on-record-after-earnings\/"},"modified":"2023-11-07T22:52:31","modified_gmt":"2023-11-07T22:52:31","slug":"datadogs-stock-explodes-toward-best-day-on-record-after-earnings","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10820","title":{"rendered":"Datadog\u2019s stock explodes toward best day on record after earnings"},"content":{"rendered":"
\n

Datadog Inc. shares were roaring 28% higher in morning action Tuesday after the software company, which makes tools for monitoring infrastructure and application performance, showed upside with its latest quarterly results and delivered a better-than-expected forecast. <\/p>\n

The stock was on track for its largest single-day percentage gain on record, which would require besting the 23.7% increase it saw on May 12, 2020.<\/p>\n

\n

Datadog\u2019s
\n DDOG,
\n +28.47%<\/bg-quote>
\n third-quarter revenue came in at $547.5 million, up from $436.5 million a year before and ahead of the $524.7 million that analysts tracked by FactSet were projecting. <\/p>\n

The top-line performance also met the elevated expectations that followed Amazon.com Inc.\u2019s
\n AMZN,
\n +2.13%<\/bg-quote>
\n latest report, according to Bernstein analyst Peter Weed. <\/p>\n

Don\u2019t miss:<\/strong> Why Amazon skeptics may be looking at \u2018crown jewel\u2019 AWS business all wrong<\/p>\n

\u201cInto the print there was a lot of anxiety about whether Datadog would follow AWS to improving [sequential] growth and stable [year-over-year growth], or demonstrate a worried disconnect and continue to decelerate on a [year-over-year] basis,\u201d Weed wrote. \u201cDatadog emphatically dispelled these worries, with a spot on print of $547.5 [million in] revenue, right in line with expectations implied by the AWS print.\u201d <\/p>\n

Read:<\/strong> Amazon just taught Wall Street a new word \u2014 and it\u2019s a good one for the bulls<\/p>\n

Datadog posted \u201can expanding beat\u201d relative to its guidance for the first time since macroeconomic issues surfaced, and the largest beat since the fourth quarter of 2022, Weed added. <\/p>\n

The company racked up third-quarter net income of $22.6 million, or 6 cents a share, whereas it posted a net loss of $26 million, or 8 cents a share, in the year-earlier period. On an adjusted basis, Datadog earned 45 cents a share, far ahead of the 34-cent FactSet consensus. <\/p>\n

For the fourth quarter, Datadog anticipates $564 million to $568 million in revenue, along with 42 cents to 44 cents in adjusted earnings per share. Analysts were looking for $545 million and 35 cents, respectively. <\/p>\n

Datadog\u2019s report was helping to lift shares of other consumption-based software companies sharply, with MongoDB Inc.
\n MDB,
\n +11.04%<\/bg-quote>
\n and Snowflake
\n SNOW,
\n +10.66%<\/bg-quote>
\n shares each up more than 10%.<\/p>\n

Read:<\/strong> Snowflake, MongoDB shares rally sharply after Datadog earnings<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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