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Datadog Inc. shares rallied in the extended session Thursday after the cloud-monitoring company’s quarterly results and outlook both exceeded Wall Street expectations.
Datadog
DDOG,
shares surged 7.5% after hours, following a 7% decline in the regular session to close at $71.36. Datadog shares are up 53% over the past 12 months, while the S&P 500 index
SPX,
gained 48%, and the tech-heavy Nasdaq Composite Index
COMP,
rose 54%.
The company reported a first-quarter loss of $13.1 million, or 4 cents a share, versus net income of $6.5 million, or 2 cents a share, in the year-ago period.
Adjusted earnings, which exclude stock-based compensation expenses and other items, were 6 cents a share, even with the year-ago quarter.
Revenue rose to $198.5 million from $131.2 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast earnings of 3 cents a share on revenue of $186.6 million.
“Businesses are planning for a post-pandemic world. Digital transformation projects are being prioritized, as the need to be digital-first and agile is more prominent than ever. We believe we are in a strong position to benefit from this trend as the most complete and cloud-native end-to-end observability platform,” said Olivier Pomel, Datadog co-founder and chief executive, in a statement.
Datadog expects adjusted earnings of 3 cents to 4 cents a share on revenue of $211 million to $213 million in the second quarter, and 13 cents to 16 cents a share on revenue of $880 million to $890 million for the year.
Analysts forecast 3 cents a share on revenue of $196.6 million for the quarter, and 14 cents a share on revenue of $833.7 million for the year.
