Shares of Datadog (DDOG) rose 28% in a single trading session after the software company reported better-than-expected third-quarter financial results and raised its full-year guidance.
The company, whose software is used in cloud-computing, reported earnings per share of $0.45 U.S., beating expectations for $0.34 U.S.
Revenue during Q3 came in at $547.5 million U.S., up 25% from a year earlier and beating Wall Street forecasts that called for revenue of $524.1 million U.S.
Datadog also lifted its full-year guidance, saying it now expects Q4 revenue of between $564 million U.S. and $568 million U.S., and full-year revenue of $2.1 billion U.S. Both figures exceeded consensus analyst forecasts.
Datadog builds cloud monitoring and security products that work with Amazon Web Services (AMZN), Google Cloud (GOOG), and Microsoft Azure (MSFT).
The company was founded in 2010 and went public in 2019.
Including the 28% surge in its share price, Datadog’s stock has now gained 42% this year and trades at $102.20 U.S.
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