By Dhirendra Tripathi
Investing.com – Datadog stock (NASDAQ:DDOG) surged 18% Thursday after the company projected its annual revenue to grow about 47% to 49% while reporting its first operating profit after five straight quarters of loss.
The robust outlook comes on top of the 70% growth that helped the company cross the $1 billion mark in annual revenue in 2021.
Revenue in the current year is seen between $1.51 billion and $1.53 billion as demand for its SaaS platform grows. Datadog is a monitoring and security platform for cloud applications that helps in real-time observation of a customer’s entire technology stack.
Revenue in the fourth quarter grew 84% to exceed $326 million.
In the year gone by, the number of customers with annual recurring revenue of at least $1 million more than doubled to 216.
A big win for the company in the recent quarter was a global strategic partnership with Amazon (NASDAQ:AMZN) Web Services.
Net profit was $7.2 million, while on per share basis, adjusted earnings came in at 2 cents to easily surpass expectations.
For the current quarter, the company expects revenue between $334 million and $339 million.