Cloud Service Provider DigitalOcean Shares Are Rocketing Today: What's Going On?
Portfolio Pulse from Lekha Gupta
DigitalOcean Holdings Inc's (DOCN) shares are up by around 21% following its Q3 FY23 results. The company reported a 16% Y/Y revenue growth to $177.1 million, surpassing the consensus of $173.4 million. The company's ARR ended the quarter at $713 million, up 11% Y/Y, and ARPU increased 6% Y/Y to $92.06. Adjusted EBITDA rose 23% Y/Y to $76 million, and adjusted EPS of $0.44 surpassed the consensus of $0.36. The company also raised its FY23 revenue outlook to $690 million from $680 million-$685 million.
November 03, 2023 | 11:55 am
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POSITIVE IMPACT
DigitalOcean's Q3 FY23 results exceeded expectations, leading to a 21% increase in its share price. The company also raised its FY23 revenue outlook, indicating strong performance.
DigitalOcean's strong Q3 FY23 results and raised FY23 revenue outlook indicate a positive financial performance, which has led to a significant increase in its share price. This suggests a positive short-term impact on the company's stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100