After reporting for the third quarter of fiscal 2021, software company PagerDuty Inc. (PD) shares received a strong positive boost in first week of this month. The company showed double-digit revenue growth and increased the number of customers significantly.
PagerDuty’s revenue grew 25.8 percent year-on-year to $53.8 million in the quarter ended October 31, 2020. The company added 389 customers during the quarter, bringing the total to 13,725. At the same time, the number of customers increased by 40 percent for large customers. The PagerDuty’s profitability improved as its gross margin increased to 85.7 percent. The adjusted loss per share was $0.09, compared with a year earlier loss of $0.1 per share.
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The company reached a significant turning point in the past quarter, according to PagerDuty management, and is now operating on a positive trend. Sales of PagerDuty through sales partners are record-breaking, which speaks to the value of the partnership between the company and cloud platforms. Customer acquisition costs have fallen, thanks in part to a strategic alliance with Tata Consultancy Services, a major global systems integrator.
The demand for PagerDuty solutions for remote work during the COVID-19 period was noted in July 2020. The PagerDuty solutions are designed to manage digital business processes and aim to ensure transparency when using cloud services, among other things. Demand increased in this IT segment during the coronavirus pandemic, and PagerDuty has been able to take advantage of this trend.
PagerDuty Inc’s (PD) stock surged by 2.92 percent on Wednesday and concluded the session at $46.16. The company saw its stock price rising nearly 12 percent over the past 5 trading sessions, while its value risen 48 percent over the past six months. The stock gained over 97% since start of the year and its market capitalization now stands at $3.75 billion.
