Datadog shares rise after hours on Snowflake earnings optimism
Datadog (DDOG) is higher in Wednesday’s after-hours trading, after Snowflake reported a double beat for Q2, boosting AI data cloud optimism. DDOG was up 4.80% to $219.27 in extended trading.
Datadog Inc (NASDAQ: DDOG ) shares are rising in Wednesday’s after-hours session after strong second-quarter earnings from Snowflake Inc (NYSE: SNOW ). Snowflake reported revenue of $1.55 billion versus estimates of $1.48 billion and adjusted earnings per share of 62 cents versus 45 cents. The company said product revenue increased 37% year-over-year and remaining performance obligations reached $9 billion, up 30% year-over-year. CEO Sridhar Ramaswamy said, “AI continues to compound our advantages, creating a flywheel effect across the business.” Snowflake stock jumped more than 22% after the report and Datadog moved higher in sympathy.
Datadog offers an AI-powered observability and security platform. The company reported second-quarter results last month, beat estimates on the top and bottom lines and raised full-year guidance on continued AI momentum. Datadog stock was up 4.80% in extended trading Wednesday, changing hands at $219.27 at the time of publication, according to Pro.