DigitalOcean climbs on Q3 results beat, robust forecasts

DigitalOcean Holdings

03/11/2023 12:07

** Shares of cloud computing platform DigitalOcean Holdings
 DOCN.N  jump 22.5% to $26 premarket
    ** Co expects Q4 rev. of $178 mln above est. of $177 mln,
earnings of 36-37 cents/share in line with est. 37 cents/share -
LSEG data
    ** Sees FY rev. of $690 mln vs est. Of $680 mln and EPS of
$1.52-$1.54 vs est. of $1.47
    ** Posts Q3 earnings of 44 cents/share, above est. of 36
cents/share, rev. of $177 mln above est. Of $173 mln - LSEG data
    ** Average Rev per customer (ARPU) at $92.06, up 6% YoY
    ** Out of 13 brokerages tracking DOCN, 4 rate "buy" or
higher, 7 "hold" and 2 "sell"; median PT at $30
    ** Stock down ~17% YTD

 (Reporting by Ankika Biswas in Bengaluru)