PagerDuty Q2 Results Beat Street View, Lifts FY Outlook; Shares Up 9%

Shares of PagerDuty, Inc. (PD) jumped over 9% in extended trading session on Thursday after the company reported a narrower-than-expected loss for the second quarter as revenues jumped over 33%. The company also lifted its outlook for the full year.

San Francisco, California-based PagerDuty’s second-quarter loss widened to $29.7 million or $0.35 per share from $14.7 million or $0.19 per share last year.

Excluding one-time items, loss was $10.7 million or $0.13 per share, compared to $3.2 million or $0.04 per share a year ago. Analysts polled by Thomson Reuters estimated a loss of $0.15 per share for the quarter. Analysts’ estimates typically exclude one-time items.

Revenues for the quarter grew 33.2% to $67.5 million from $50.7 million last year. Analysts had a consensus revenue estimate of $65.56 million for the quarter.

Gross margin for the quarter narrowed to 82.3% from 86.9% last year.

Looking forward to the third quarter, the company now expects revenues of $69.0 million to $71.0 million and adjusted loss of $0.10 to $0.09 per share. Analysts currently estimate loss of $0.09 per share on revenues of $68.29 million.

For the full year 2022, PagerDuty currently expects revenues of $273.0 million to $276.0 million and adjusted loss of $0.39 to $0.35 per share. Analysts currently estimate loss of $0.39 per share on revenues of $270.45 million.

Previously, the company expected revenues of $267.0 million to $272.0 million and adjusted loss of $0.42 to $0.36 per share for the year.

PD closed Thursday’s trading at $44.30, up $0.53 or 1.21%, on the NYSE. The stock further gained $4.00 or 9.03% in the after-hours trading.

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