{"id":10902,"date":"2023-11-08T04:38:12","date_gmt":"2023-11-08T04:38:12","guid":{"rendered":"https:\/\/infundpros.com\/markets\/datadog-stock-is-having-its-best-day-ever-earnings-was-the-big-news\/"},"modified":"2023-11-08T04:38:12","modified_gmt":"2023-11-08T04:38:12","slug":"datadog-stock-is-having-its-best-day-ever-earnings-was-the-big-news","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10902","title":{"rendered":"Datadog Stock Is Having Its Best Day Ever. Earnings Was the Big News."},"content":{"rendered":"
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<\/p>\n<\/figure><\/div>\n

Datadog\u00a0stock surged Tuesday after the security software provider\u00a0<\/strong>generated more profit than expected in the quarter and raised its sales outlook for the full year. <\/p>\n

The company earned 45 cents a share in the third quarter. Analysts surveyed by\u00a0FactSet\u00a0expected
\n Datadog
\n (ticker: DDOG) to report 34 cents a share. Revenue of $547.5 million was higher than the $524.7 million predicted. <\/p>\n

\n

The provider of IT monitoring software had 3,130 customers with annual recurring revenue of $100,000 or more by the end of the quarter, up 20% from the year-ago quarter.<\/p>\n

The stock skyrocketed 30% to $103 on Tuesday. If it closes there, it would be the largest one-day percentage increase on record, according to Dow Jones Market Data.<\/p>\n

The upbeat report Tuesday came after CEO Olivier Pomel shared cautious commentary in August, saying that \u201cparticularly some larger spending customers\u201d were closely examining their expenses. <\/p>\n

Pomel alleviated some investor fears on Tuesday\u2019s conference call while discussing earnings. While Datadog expects customers to continue managing costs, now it\u2019s \u201cless intense and less widespread than we experienced in recent quarters,\u201d he said. <\/p>\n

\u201cDespite investor concerns heading into the print,\u00a0Datadog\u00a0reported a strong quarter,\u201d wrote RBC Capital Markets analyst Matthew Hedberg, who maintained his Outperform rating and $103 price target on the stock.<\/p>\n

For the full year, Datadog expects revenue of between\u00a0$2.103 billion and $2.107 billion, beating analysts\u2019 estimates of $2.06 billion and higher than management\u2019s forecast in August.<\/p>\n

One \u201ccan\u2019t keep a good dog down,\u201d Hedberg added.<\/p>\n

Shares of other software companies rallied after Datadog\u2019s upbeat commentary: Cloud computing company
\n Snowflake
\n (SNOW) gained 10%, database management program
\n MongoDB
\n (MDB) was up 13%, and search engine analytics provider
\n Elastic
\n (ESTC) was up 7.2%.<\/p>\n

Write to Karishma Vanjani at\u00a0karishma.vanjani@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

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

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