PagerDuty Inc.’s stock fell 5% on Thursday after the company announced first-quarter results that breezed past Wall Street estimates.
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.
and Okta Inc.
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
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
is up 12% in 2021.