Datadog Inc DDOG shares are trading lower Thursday after the company reported strong fourth-quarter results, but issued guidance below analyst estimates.
What Happened: Datadog said fourth-quarter revenue increased 44% year-over-year to $469.4 million, which beat average analyst estimates of $449.31 million, according to data from Benzinga Pro.
The cloud-native data company reported fourth-quarter earnings of 26 cents per share, which beat consensus estimates of 19 cents per share.
"We are pleased with our fourth quarter performance, as we delivered more value to more customers across our broadening platform, while driving strong profitability and cash generation," said Olivier Pomel, co-founder and CEO of Datadog.
"In a time when efficiency, cost savings, and agility are more important than ever for our customers, we are excited to deliver even more innovations and business value to our customers in 2023," Pomel added.
Datadog sees first-quarter revenue in a range of $466 million to $470 million versus estimates of $482.04 million. The company expects first-quarter adjusted earnings between 22 cents and 24 cents per share versus estimates of 24 cents per share.
Datadog anticipates full-year revenue in a range of $2.07 billion to $2.09 billion versus estimates of $2.19 billion. The company sees full-year adjusted earnings between $1.02 and $1.09 per share versus estimates of $1.15 per share.
DDOG Price Action: Datadog has traded between $175.89 and $61.34 over a 52-week period.
The stock was down 7.08% at $82.44 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Datadog.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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