PagerDuty Soars as Demand Strong for Incident Response Software
By Dhirendra Tripathi
Investing.com – PagerDuty (NYSE:PD) stock surged 13% in premarket Thursday after the company forecast little change in the momentum it carried in its financial year 2022.
Revenue in the year through January 31 grew 32%, and the company expects revenue to grow by at least 28% in the current year as demand for its cloud software stays strong in a world pivoting to digital.
On the higher side, the revenue could grow 30% to $366 million, the company said.
PagerDuty makes software that notifies technology teams when a website or system is down. The solution is particularly relevant for IT teams working from home, offering various services to predict and prevent potential software disruptions.
The company counts Cisco (NASDAQ:CSCO), Genentech (OTC:RHHBY), Electronic Arts (NASDAQ:EA), Shopify (NYSE:SHOP), Zoom (NASDAQ:ZM), and DoorDash (NYSE:DASH) among its clients.
The company’s revenue in the fourth quarter rose over 32% to about $79 million. Adjusted net loss narrowed to $3.7 million compared to $4.9 million in the same period a year ago.
Total paid customers as of end-January were 14,865 compared to 13,837 a year ago. Customers with annual recurring revenue over $1 million were 43 compared to 26 a year ago.
In the current quarter, total revenue is seen at $82.5 million at the midpoint of its guidance range, up 29.5%.
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