Why Datadog Stock Was Soaring This Week
Week to date, shares of (NASDAQ: DDOG) were up 24% as of 11:33 a.m. ET on Thursday, according to data provided by S&P Global Market Intelligence. The cloud security provider reported a strong third quarter, with revenue up 25% year over year, leading management to raise its full-year guidance.
However, it wasn't so much the revenue growth but management's comments about usage trends on the platform that bolstered investor enthusiasm.
During the earnings call, CEO Olivier Pomel noted signs that companies are starting to spend more on services after working to optimize their existing budget in recent quarters. This trend had been impacting the broader market for cloud services, but investors are getting a sense that 2024 could be a much stronger year of growth for Datadog.
Source Fool.com
