Datadog adds 7% as solid Q1 results yield an outlook boost

Datadog (NASDAQ:) stock is moving higher Thursday after the data analytics company reported its revenue rose 33% year-over-year to $481.7 million, easily ahead of the Street at $468.9M.

“We are pleased with our execution in the first quarter, with 33% year-over-year revenue growth, continued customer growth, and increased multi-product adoption by our customers,” said Olivier Pomel, co-founder and CEO of Datadog.

Adjusted is seen at $0.28, ahead of the $0.23 expected. For this quarter, the company sees adjusted EPS at $0.28 on revenue of $500M, which compares to the consensus for earnings of $0.25 on revenue of $500.7M.

For FY23, the adjusted EPS forecast is now seen in the range of $1.13-1.20, up from the prior forecast of $1.02-1.09 and above the Street at $1.06. Revenue is expected at $2.09 billion, up from the prior guidance and consensus of $2.08B.