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: PagerDuty reports results that top estimates, raises sales outlook

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PagerDuty Inc.’s stock fell 5% on Thursday after the company announced first-quarter results that breezed past Wall Street estimates.

The company
PD,
-3.35%

reported a net loss of $22.6 million, or 27 cents a share, compared with a net loss of $11.5 million, or 15 cents a share, in the year-ago quarter. Its adjusted net loss was $6.5 million, or 8 cents a share.

Revenue ascended 28% to $63.6 million from $49.8 million a year ago.

PagerDuty — a cloud IT company that helps customers such as Uber Technologies Inc.
UBER,
-4.11%
,
Twitter Inc.
TWTR,
-0.26%
,
and Okta Inc.
OKTA,
-2.33%

manage incidents via digital-infrastructure services — continued to benefit as more companies shift to a hybrid model return to work. At the same time, most companies using PagerDuty’s cloud software are looking for ways to become digital-first operations and provide a way for part-time remote working.

“International revenue (up 38% year-over-year), dollar-based net retention, our freemium product leading to new accounts,” as well as healthy large-customer growth (up 55%) has sales “humming,” PagerDuty Chief Executive Jennifer Tejada told MarketWatch in a Zoom
ZM,
-2.48%

interview before the earnings were announced.

PagerDuty also raised revenue guidance for its current fiscal second quarter to between $64.5 million and $66.5 million (FactSet is forecasting $63.7 million), as well as its full fiscal year to between $267 million and $272 million (FactSet has forecast $267.7 million).

“We expect guidance to accelerate,” Tejada said.

Analysts surveyed by FactSet had expected an adjusted loss of 9 cents a share on revenue of $62 million.

PagerDuty’s stock has slipped 3% so far this year. The broader S&P 500 index 
SPX,
-0.36%

 is up 12% in 2021.

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