Datadog (NASDAQ:DDOG) stock is heading higher on Thursday following the release of the cloud applications security platform company’s earnings report for the second quarter of 2024.
Datadog starts off its earnings report strong today with adjusted EPS of 43 cents. That’s better than the 36 cents per share that Wall Street was expecting this quarter. Additionally, it’s an improvement over the 29 cents per share reported in the same period of the year prior.
Next up in the Datadog earnings report is its revenue of $645 million. Yet again, that’s above analysts’ estimate of $625.1 million for the period. It’s also a 27% year-over-year increase compared to $509.46 million.
Olivier Pomel, co-founder and CEO of Datadog, said the following in the earnings report:
“Datadog executed well in the second quarter, with 27% year-over-year revenue growth, continued customer growth, and expanding multi-product adoption across our platform.”
DDOG Stock Jumps on Outlook
Datadog also provides new guidance for Q3 2024 and the full year. It expects adjusted EPS of 38 cents to 40 cents and revenue between $660 million and $664 million in Q3. That’s a mixed result compared to Wall Street’s estimates of 37 cents and $664.19 million.
Next is its 2024 outlook which includes adjusted EPS ranging from $1.62 and $1.66 with revenue between $2.62 billion and $2.63 billion. Analysts are looking for adjusted EPS and revenue of $1.58 and $2.61 billion for the year.
DDOG stock is up 5.2% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
