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Datadog drops 22% after cutting full-year revenue forecast

Published Aug 08, 2023 07:30AM ET
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© Reuters. Datadog (DDOG) drops 22% after cutting full-year revenue forecast
 
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Datadog (NASDAQ:DDOG) shares tumbled more than 22% in early Tuesday trade after the company cut its full-year revenue forecast.

Datadog said its Q2 revenue rose 25% year-over-year to $509 million, topping the expected $501.6M consensus. Adjusted earnings per share came in at $0.36, again ahead of the expected $0.28.

"We continued to execute well in the second quarter, with 25% year-over-year revenue growth, strong new logo bookings, continued customer growth, and increased multi-product adoption by our customers," said Olivier Pomel, co-founder and CEO of Datadog.

For this quarter, the company sees Q3 EPS of $0.34 on revenue of $523M, which compares to the consensus for earnings of $0.29 on revenue of $534.5M. Full-year EPS is seen at $1.32 on revenue of $2.055B, which compares to the average analyst estimate for earnings of $1.18 on revenue of $2.09B.

The company previously expected to generate revenue of $2.09B.

Datadog shares were up 44.6% year-to-date through Monday’s close.

Datadog drops 22% after cutting full-year revenue forecast
 

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Comments (1)
Julio E
Julio E Aug 08, 2023 12:09PM ET
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But why the stock price dropped if the Revenue and EPS where higher than expected ?
Jorge Corral Mejia
Jorge Corral Mejia Aug 08, 2023 12:09PM ET
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Because markets work as a discount mechanism. So what really matters is the near future.
 
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