Datadog shares rocket higher on strong results, upbeat outlook
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Datadog (NASDAQ:DDOG) was barking up the right tree, Thursday, as the network monitoring and security technology company's shares surged more than 14% following a better-than-expected earnings report and outlook.
Prior to the start of trading, Datadog (DDOG) said that for its fourth quarter it earned 20 cents a share, excluding one-time items, on revenue of $326.2 million. Those results blew away analysts' forecasts for a profit of 11 cents a share on $291.5 million in sales.
During the year-ago quarter, Datadog (DDOG) earned $0.06 a share on $177.5 million in revenue.
The company said its results reflect items such as an increased partnership with Amazon Web Services (NASDAQ:AMZN), and growing numbers of larger-volume customers. Datadog (DDOG) said it ended the quarter with 216 customers with annual revenue rates of at least $1 million, compared to 101 such customers at the end of 2020.
For its current business quarter, Datadog (DDOG) said it expects to earn between 10 cents and 12 cents a share, excluding one-time items, on revenue in a range of $334 million to $339 million.
Volume in Datadog's (DDOG) was higher than usual, with 6.6 million shares exchanged in early trading. The company averages just over 4 million shares exchanged on a daily basis.
Datadog (DDOG) also got a boost in January when it announced an expansion of its partnership with Amazon Web Services (AMZN).