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Earnings Results: PagerDuty tops $80 million in sales for first time, stock pops 7%

PagerDuty Inc. reported sales and earnings that easily surpassed analyst estimates Thursday, initially pushing the company’s stock up 7% in after-hours trading.

PagerDuty PD, +7.99% reported a fiscal first-quarter net loss of $32.8 million, or 38 cents a share, compared with a net loss of $22.6 million, or 27 cents a share, in the year-ago quarter. The adjusted net loss was 4 cents a share.

Revenue soared 34% to a record $85.4 million from $63.6 million a year ago, for the software company’s fourth straight quarter of at least 30% year-over-year growth.

Analysts surveyed by FactSet had expected an adjusted loss of 8 cents a share on revenue of $82.7 million. PagerDuty shares topped $28 on Thursday after closing with an 8% gain at $27.43.

During the quarter, PagerDuty “landed and expanded” deals with DocuSign Inc. DOCU, +6.71%, Cisco Systems Inc. CSCO, +1.24%, Roche Holdings’ ROG, +0.20% Genentech Inc. , Mattel Inc. MAT, +1.63% and Shopify Inc. SHOP, +9.58%, according to PagerDuty Chief Financial Officer Howard Wilson.

“We are on track to be profitable for the full fiscal 2024 [next year], and to break even this fourth quarter,” Wilson told MarketWatch in an interview.

The company offered second-quarter guidance of between $87 million and $89 million in revenue, representing a growth rate of 29% to 31% year-over-year, and an adjusted loss of 8 cents to 9 cents a share. FactSet analysts were projecting revenue of $87.2 million and a loss of 8 cents a share.

Shares of PagerDuty have decreased 21% this year, while the broader S&P 500 index  SPX, +1.84% has declined 12%.

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