PagerDuty surges as fiscal Q3 results and outlook top expectations

PagerDuty said its number of customers spending over $100,000 annually rose by 35%.
Written by Tiernan Ray, Senior Contributing Writer

IT operations management pioneer PagerDuty this afternoon reported fiscal Q3 revenue and profit that beat Wall Street's expectations, along with an outlook for the quarter's revenue that was higher as well.

The report sent PagerDuty shares surging by 12% in late trading. 

CEO and chair Jennifer Tejada called the results "an outstanding quarter for PagerDuty as we delivered record revenue of $72 million and grew 33% year over year." 

Added Tejada, 

Our product innovation continues to accelerate across use cases and departments as we empower enterprises to mature their digital operations and deliver superior customer experiences. PagerDuty's platform converges Incident Response, AIOps, Automation and now Customer Service Operations to deliver rapid ROI and customer trust, building on a strong foundation of digital infrastructure to become the Operations Cloud for the modern enterprise.

Revenue in the three months ending in October rose 33.5% year over year to $71.8 million, yielding a net loss of 7 cents a share, excluding some costs. Analysts had been modeling $70.2 million and a 9-cent loss per share.

PagerDuty said its total customer count rose 6% year over year to 14,486, and the number of customers spending over $100,000 annually rose by 35% to 543.

For the current quarter, the company sees revenue of $75.5 million to $76.5 million and a net loss in a range of 5 cents to 6 cents per share. That compares to consensus for $73.7 million and an 8-cent loss per share.

For the full year, the company sees revenue in a range of $278.5 million to $279.5 million, and a net loss of 33 cents to 34 cents per share. That compares to consensus of $275 million and a 37-cent loss per share.

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