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Why DigitalOcean Stock Surged Today

TheMotleyFool

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Why DigitalOcean Stock Surged TodayPhoto, wide shot, wide-angle lens, Artificial intelligence developer, sunset photo at golden hour, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/ee32e77c-b7d6-424b-91ea-4023f2292688.png

Shares of DigitalOcean (NYSE: DOCN) jumped 10.9% on Thursday after the cloud platform delivered another quarter of impressive growth.

DigitalOcean's third-quarter revenue rose 37% year over year to $111.4 million. Its annual run-rate revenue, meanwhile, climbed 36% to $455 million.

The cloud infrastructure provider's services -- which are often priced below that of its larger competitors and arguably easier to access -- are proving popular among developers and small businesses. DigitalOcean's total customer base increased by 7% to roughly 598,000 at the end of the quarter.

Source Fool.com

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