Datadog posted revenue of $437 million in its latest quarter, up 61 percent from the same period last year.
The revenue exceeded analyst expectations of $412 million. CEO Olivier Pomel said the sales resulted from strong product adoption and opportunities among new customers.
Datadog witnessed an increase in customers providing $100,000+ in revenue. The company served 2,600 such customers by the end of the latest quarter, up from 1,800 a year before.
Despite the promising results, Datadog did not manage to turn a profit. The company reported a $26 million loss.
Datadog provides application monitoring and analytics tools. Developers and administrators use the software to monitor the health of applications and underlying infrastructure.
18 new products were presented at Datadog’s recent DASH 2022 event, including a tool for cloud cost management.
The aptly named Cloud Management Tool gives development and finance teams insight into how much money is spent on applications and cloud services.
Datadog expects positive figures in the fourth quarter of its fiscal year. The company projected quarterly revenue between $445 million and $449 million. Sales are expected to exceed $1.65 billion for the entire fiscal year of 2022.