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

  • 📰 CNBC
  • ⏱ Reading Time:
  • 62 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 72%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in UK
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Datadog’s stock rockets as earnings, forecast blow past estimatesEmily Bary is a MarketWatch news editor based in New York.
Source: MarketWatch - 🏆 3. / 97 Read more »

Datadog's stock explodes toward best day on record after earningsDatadog ’emphatically dispelled’ worries that its growth trends were disconnecting from Amazon’s AWS trajectory, analyst says
Source: MarketWatch - 🏆 3. / 97 Read more »

Snowflake, MongoDB shares rally sharply after Datadog earningsEmily Bary is a MarketWatch news editor based in New York.
Source: MarketWatch - 🏆 3. / 97 Read more »