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.
Datadog’s DDOG, +29.34% 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. 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.
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