Datadog shares are off to a running start Thursday after the cloud software company surpassed expectations on the top and bottom lines.
Datadog posted first-quarter revenue of $481.7 million, 32% higher than the same period in 2022 and ahead of Street expectations of $469.8 million. Adjusted earnings were $0.28 per share, compared to $0.03 a year earlier and above expectations of $0.23.
The company’s stock jumped nearly 15% to $75.53 by mid-day.
Datadog said it had 2,910 customers generating at least $100,000 in annual recurring revenue during the quarter, up from 2,250 the year before.
Looking ahead, the company projects second-quarter revenue between $498 million and $502 million in revenue with adjusted earnings between $0.27 and $0.29 per share. Analysts on average are expecting $502 million and $0.26 per share, respectively.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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