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Datadog stock surges 30% after cloud company beats estimates, revises guidance up

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Datadog stock surged nearly 30% after upping its guidance and beating estimates on the top- and bottom lines.

Datadog surged nearly 30% in Tuesday trading after the company reported stronger-than-expected third-quarter earnings and full-year guidance.

Co-founder and CEO Olivier Pomel told analysts on a conference call that "AI-native customers" contributed 2.5% of Datadog's annualized revenue during the quarter.Olivier Pomel, co-founder and CEO of Datadog, speaks at the company's Dash conference in San Francisco on Aug. 3, 2023.in the second quarter. Analysts surveyed by LSEG, formerly Refinitiv, had expected revenue of $524.1 million.

Datadog also bumped up its revenue and profit view for the full year. The company now expects fourth-quarter revenue between $564 million and $568 million, alongside full-year revenue of around $2.1 billion. That was above consensus estimates of $543.3 million and $2.06 billion respectively, according to a survey of analysts by LSEG, formerly Refinitiv.

Co-founder and CEO Olivier Pomel told analysts on a conference call that "AI-native customers" contributed 2.5% of Datadog's annualized revenue during the quarter. Pomel declined to confirm if his company was working with OpenAI, Anthropic or Cohere. All three sell access to large language models that can compose text based on a few words of human input.that some organizations' cost-reduction efforts have begun to wane.

 

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