PagerDuty's stock spiked 8% in after-hours trading on Nov. 30, in the wake of third-quarter earnings results that edged close to analyst expectations, stoking a bit of excitement on Wall Street.
PagerDuty (PD) -) reported a net loss of $13.1 million for the third-quarter, equivalent to 16 cents per share. Analysts polled by FactSet anticipated earnings of 14 cents per share.
The loss was, however, significantly narrower than the $32.8 million (or 36 cents per share) net loss that the company reported in the year-ago period.
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PagerDuty posted revenue of $108.7 million, a 15% year-over-year increase that came in slightly above analyst expectations of $107.7 million.
Despite what CFO Howard Wilson called a "challenging environment," the results beat the company's own guidance ranges.
“Momentum and innovation within the PagerDuty Operations Cloud continued in the quarter with new AI enhancements and the acquisition of Jeli in November to address our customers’ biggest operational challenges," CEO Jennifer Tejada said in a statement.
The company expects to earn between $109.5 million and $111.5 million in revenue for the current quarter, with a net income of 14 cents per share. Analysts are, on average, anticipating $110.9 million in revenue.
For the full fiscal year, PagerDuty expects revenue of at least $429 million and net income of 72 cents per share.
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Following the extended-trading surge the stock achieved on Nov. 30, shares of PagerDuty fell slightly, before ticking back up to close the previous session up 2.16% at a share price of $22.20.
Amid the surge, Ark Invest snapped up a further 136,630 shares of the company in a purchase worth roughly $3 million. This latest enhancement of Ark Innovation's PagerDuty investment boosted the holding to 8.9 million shares, worth $196.8 million and weighted at 2.34% of the fund.
Ark Innovation's PagerDuty holding is the ETF's 17th-largest holding.
The fund is led by dominant holdings in Coinbase (COIN) -), Roku (ROKU) -) and UIPath (PATH) -). Ark Innovation's Tesla (TSLA) -) holding has fallen to the fourth-largest slot in the fund, worth around $616.8 million and weighted at only 7.35%. Several months ago, this holding was weighted at more than 12%.
Shares of PagerDuty ticked down slightly in pre-market trading Tuesday.
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