(RTTNews) - DigitalOcean Holdings, Inc. (DOCN) Monday announced a 72 percent surge in third quarter earnings, supported by 12 percent revenue growth, compared to the prior year. On a per share basis, earnings beat estimates. The fourth quarter earnings estimates that missed Street view. The company raised its full year revenue guidance, that came in above analysts projections.
In the pre-market session, shares are currently at $38.41, down 5.93 percent from the previous close of $40.83.
The quarterly earnings were $32.95 million or $0.33 per share, up from $19.18 million or $0.20 per share a year ago. On an adjusted basis, earnings were $0.52 per share.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.40 per share. Analysts estimates usually exclude special items.
Revenue for the quarter increased to $198.48 million from $177.06 million a year ago. Average revenue per customer increased 11 percent year over year to $102.51. Wall Street expected revenue of 196.71 million for the quarter.
Looking ahead to the fourth quarter, the company expects total revenue of $199-$201 million. Adjusted earings is projected to be $0.27-$0.32 per share. Street expectation is $0.38 per share.
For the full year, the company raised its revenue guidance to a range of $775-$777 million. Adjusted earnings is projected to be in a range of $1.70-41.75 per share. The current estimates of analysts is $1.67 per share on revenue of $773.9 million.
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