Stock Track | DigitalOcean Soars 9.4% on Robust Q3 Results, Raised Outlook Fueled by AI Ambitions

Stock Track11-05

Shares of DigitalOcean Holdings, Inc. (DOCN) surged 9.4% on November 4, 2024, driven by the cloud computing company's impressive third-quarter earnings results and optimistic outlook for its burgeoning artificial intelligence (AI) initiatives.

For the quarter ended September 2024, DigitalOcean reported revenue of $198.5 million, up 12% year-over-year, and adjusted earnings per share (EPS) of $0.52, surpassing Wall Street's expectations. The company's net income climbed to $32.9 million, a significant increase of 71% compared to the same period last year.

Notably, DigitalOcean launched its first generative AI product during the quarter, positioning itself to capitalize on the growing demand for AI infrastructure. Buoyed by this promising development and sustained growth in its core business, the company raised its full-year 2024 revenue guidance to a range of $775 million to $777 million, up from its previous forecast of $770 million to $775 million.

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