Summary by Moomoo AI
Datadog, a leading observability and security platform for cloud applications, reported a 27% year-over-year revenue growth in its latest quarterly financial report. The company's revenue rose to $611.3 million for the three months ended March 31, 2024, up from $481.7 million in the same period the previous year. Datadog's net income also saw a significant turnaround, posting a profit of $42.6 million compared to a loss of $24.1 million in the prior year. Operating cash flow increased to $212.3 million, and free cash flow grew to $186.7 million. The company attributes its revenue growth primarily to existing customers, which accounted for approximately 70% of the increase, while new customers contributed the remaining 30%. Datadog's gross margin improved by 3%, reflecting revenue growth outpacing the increase in third...Show More