Datadog Inc. (NASDAQ: DDOG), a provider of cloud data scale-out platforms, released its Q2 2021 report on Thursday 5 August before trading opened. A high rate of revenue expansion and the addition of large customers is driving the company’s growth.
Datadog generated $234 million in revenue in the quarter ended June 30, an increase of 67% YoY. Compared to the previous year, the number of large customers (with contracts of more than $100 thousand dollars) increased from 1015 to 1610. The GAAP loss per share was $0.03. A total of $1.4 billion in cash and equivalents was accumulated.
The company continues to work towards creating a complete solution. The Datadog Cloud Security product was introduced in Q2, adding new data protection products to the ecosystem that includes network monitoring and network infrastructure management. Customers of Datadog will now have access to a set of analytical tools that correlate network monitoring data with information from potential threat detection tools. The new solution also offers protection for cloud IT, such as Amazon Web Services, when deploying and scaling applications.
Furthermore, Datadog includes expanded integrations with Salesforce and Google ecosystems, as well as cross-platform support for Android, iOS, and desktop platforms.
Digital transformation is continuing to transform the global economy, and Datadog expects its financial performance to improve. End of 2021, an improved forecast has been issued, projecting revenues of $938 – $944 million, and an adjusted profit of $0.26 – $0.28 per share. DDOG shares cost $131.92 in the August 6 trading.
