Datadog Inc (NASDAQ:DDOG) stock advanced more than 23% as the cloud-data firm’s third quarter earnings beat Wall Street expectations.
Revenue came in at $547.5 million, up 25% year-on-year and comfortably beating the consensus forecast of $524.7 million, while earnings of 45 cents per share similarly exceeded the 34 penciled in by analysts.
"We were pleased with our execution in the third quarter,” chief executive Olivier Pomel said in a statement.
"Companies across all industries and sizes are building cloud applications and services to deliver positive business outcomes, including more users, higher revenue growth, improved productivity, and cost savings.
“With our unified, cloud-native, end-to-end observability and security platform, Datadog is uniquely positioned to help our customers reach their goals."
Looking ahead, Datadog told investors it expects to report fourth-quarter revenue between $564 million to $568 million, and, net income is forecast at 42 and 44 cents per share.
For the full year, it said revenue will amount to $2.103 billion to $2.107 billion, with net income per share of $1.52 to $1.54.
In New York, Datadog shares were up $18.85 or 23.7% in early dealing changing hands at $98.65 each.