Here's Why DigitalOcean Stock Surged Higher Today
Shares of cloud-computing company DigitalOcean (NYSE: DOCN) surged higher on Friday after the company reported financial results for the third quarter of 2023. It outperformed Wall Street's expectations, which is a big reason for the positive reaction from the market today. As of 10:50 a.m. ET, DigitalOcean stock was up 17%.
To put today's surge in perspective, investors need to understand that DigitalOcean stock was down 22% year to date and had hit its all-time low earlier this week. Shares had been crushed in August after the company reported second-quarter results and had steadily slid since.
In the third quarter, revenue was $177 million, which was ahead of management's guidance of $172.5 million to $174 million. The company's customer counts increased as well, as did its average revenue per user (ARPU), both of which were good.
Source Fool.com
