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Datadog Inc (NASDAQ:DDOG) is trading higher Friday after the company announced better-than-expected third-quarter financial results and issued guidance above estimates.
Datadog reported quarterly adjusted earnings of 13 cents per share, which beat the estimate of 6 cents per share. The company reported quarterly revenue of $270.49 million, which beat the estimate of $247.73 million.
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Datadog expects fourth-quarter adjusted earnings to be in a range of 11 to 12 cents per share versus the estimate of 6 cents per share. The company expected fourth-quarter revenue to be in a range of $290 million to $292 million versus the estimate of $263.3 million.
Datadog also issued full-year 2021 earnings and revenue guidance above estimates.
"We are pleased with our third quarter performance, with revenue growth accelerating to 75% year-over-year. We saw broad-based strength across customer segments and products. Digital transformation and cloud migration continue to be transformational forces for companies of all sizes," said Olivier Pomel, co-founder and CEO of Datadog.
See Also: Datadog Shares Soar On Q3 Beat, Raised FY21 Outlook
- RBC Capital analyst Matthew Hedberg maintained Datadog with a Sector Perform rating and raised the price target from $176 to $191.
- Mizuho analyst Gregg Moskowitz maintained Datadog with a Buy rating and raised the price target from $170 to $225.
DDOG Price Action: Datadog is making new all-time highs during Friday's trading session.
The stock was up 8.87% at $181.76 at time of publication.
Photo: courtesy of Datadog.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.