Why Shares of PagerDuty Stock Are Rising Fast Today
Shares of PagerDuty (PD 5.55%), a digital operations management company, were climbing today after the company reported better-than-expected third-quarter results. The company beat Wall Street’s top- and bottom-line estimates and raised its full-year earnings guidance.
As a result, the tech stock was up by 7.1% as of 10:36 a.m. ET.
PagerDuty reported non-GAAP (adjusted) earnings per share of $0.04, up from a loss of $0.07 in the year-ago quarter and easily outpacing analysts’ consensus estimate of a loss of $0.04 per share.
The company also beat Wall Street’s top-line estimates, with PagerDuty reporting $94.2 million in the quarter, up 31% year over year, ahead of the average consensus estimate of $92.8 million.
“Despite a volatile macroeconomic backdrop, we made significant progress in realizing profitable, durable growth,” PagerDuty CEO Jennifer Tejada said in a press release.
In addition to the company’s strong performance in the third quarter, PagerDuty’s management also raised its full-year earnings guidance to between negative $0.01 and $0.00, compared to Wall Street’s average consensus estimate of a loss of $0.11 per share.
Investors were also happy to see that the company expects full-year revenue to be in the range between $368 million and $370 million, which is in line with analysts’ average estimate of $367.8 million.
With the company’s strong performance in the third quarter and management’s optimistic outlook for the full year, it’s no surprise to see PagerDuty’s stock rising quickly.