- Datadog’s stock surged nearly 30% after beating Wall Street’s earnings estimates
- The company’s success signals good news for peer stocks like MongoDB and Snowflake
- Cramer breaks down Datadog rally, says tech will continue to see gains
Datadog’s Stock Surges Nearly 30% After Quarterly Report, Boosting Tech Sector, Says CNBC’s Jim Cramer
Datadog, a cloud infrastructure monitoring and analytics company, saw its stock surge nearly 30% on Friday after the release of its impressive quarterly report. The surge also provided a boost to the overall tech sector, as CNBC’s Jim Cramer noted.
In the quarterly report, Datadog reported a revenue of $177 million, marking a 66% increase year-over-year. The company also posted a net loss of $5.1 million, or 4 cents per share, compared to a net loss of $9.5 million, or 61 cents per share, in the same period last year.
The impressive results were driven by the ongoing digital transformation and the increasing demand for cloud-based services, as more companies shift their operations online.
Jim Cramer, host of CNBC’s Mad Money, praised Datadog’s strong performance, stating that the company has “exceeded all expectations” and is “clearly firing on all cylinders.”
Datadog’s stock surge also had a positive impact on the tech sector as a whole, with the Nasdaq composite rising more than 1% on Friday.
Investors and analysts alike are now looking towards the future for Datadog, as the company continues to solidify its position in the cloud infrastructure and monitoring market.
With the continued shift towards digitalization and cloud-based services, Datadog appears to be well-positioned for further growth and success in the coming quarters.