PagerDuty stock rises on biggest quarterly earnings yet -Dlight News

PagerDuty stock rises on biggest quarterly earnings yet

PagerDuty Inc. stock rose in extended trading on Wednesday after the event-management software provider reported record quarterly revenue. In its fiscal fourth quarter, PagerDuty PD, -0.04% reported sales of $101 million, up 29% from $78.5 million in the year-ago period. PagerDuty posted a net loss of $25 million, or 27 cents per share, compared with a net loss of $28.9 million, or 34 cents per share, in the year-ago quarter. Adjusted earnings were 8 cents a share. According to a January filing with the Securities and Exchange Commission, the company incurred $5 million in costs as a result of the 7% workforce reduction announced in January. Analysts surveyed by FactSet had expected average net earnings of 2 cents per share on revenue of $99.1 million. “We are in the right product market at a time of market efficiency in a tough macro environment. Everyone wants to do more with less,” Jennifer Tejada, chief executive of PagerDuty, said in an interview. She said customers who spent more than $100,000 grew 27% year-over-year. The company offered first-quarter revenue guidance of between $102 million and $104 million; FactSet analysts were expecting $105 million. The news initially sent PagerDuty shares up nearly 4% in extended trading on Wednesday. Shares of PagerDuty are up 4.6% so far this year, while the broader S&P 500 index SPX, -0.70% is up 1.4%.

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