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Mar 31, 2023
Datadog Q1 2023 Earnings Report
Datadog's Q1 2023 financial performance was marked by revenue growth, customer acquisition, and multi-product adoption.
Key Takeaways
Datadog announced its Q1 2023 financial results, with a 33% year-over-year revenue increase to $482 million. The company also saw strong growth in larger customers and launched Data Streams Monitoring and Application Vulnerability Management.
Revenue was $481.7 million, an increase of 33% year-over-year.
GAAP operating loss was $(35.0) million; GAAP operating margin was (7)%.
Non-GAAP operating income was $86.4 million; non-GAAP operating margin was 18%.
As of March 31, 2023, Datadog had about 2,910 customers with ARR of $100,000 or more, an increase of 29% from about 2,250 as of March 31, 2022.
Datadog
Datadog
Forward Guidance
Datadog is providing the following guidance: Revenue between $498 million and $502 million, Non-GAAP operating income between $82 million and $86 million and Non-GAAP net income per share between $0.27 and $0.29, assuming approximately 349 million weighted average diluted shares outstanding.
Positive Outlook
- Revenue between $498 million and $502 million.
- Non-GAAP operating income between $82 million and $86 million.
- Non-GAAP net income per share between $0.27 and $0.29
- Assuming approximately 349 million weighted average diluted shares outstanding.
- Revenue between $2.08 billion and $2.10 billion for full year 2023.
Challenges Ahead
- Non-GAAP operating income between $340 million and $360 million for full year 2023.
- Non-GAAP net income per share between $1.13 and $1.20 for full year 2023.
- Datadog has not reconciled its expectations as to non-GAAP operating income.
- Datadog has not reconciled its expectations as to non-GAAP net income per share, to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation and employer payroll taxes on equity incentive plans.
- Reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to Datadog’s results computed in accordance with GAAP.