DigitalOcean (DOCN - Free Report) is scheduled to report fourth-quarter 2023 results on Feb 21.
For the fourth quarter, DigitalOcean anticipates revenues of $178 million.
The Zacks Consensus Estimate for fourth-quarter revenues stands at $178.26 million, suggesting growth of 9.36% year over year.
The company projects earnings in the range of 36-37 cents. The consensus mark for fourth-quarter earnings remained unchanged in the past 30 days at 37 cents per share, suggesting growth of 32.14% year over year.
DOCN beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters and missed once, the average surprise being 19.04%.
Let’s see how things have shaped up for the upcoming announcement.
Factors to Note
DigitalOcean’s fourth-quarter performance is likely to have been driven by the benefits of a robust product portfolio and strong demand for its IaaS and PaaS offerings.
Growing investments for product and infrastructure enhancements are expected to have been a tailwind for the company.
The introduction of Managed Kafka, premium general-purpose droplets, and scalable storage for databases are expected to have contributed well to revenue growth during the fourth quarter.
Digital Ocean's growing demand for AI-related services on the back of its recent integration of Paperspace's AI/ML capabilities is expected to have bolstered the company's revenue growth during the quarter under review.
The company's robust customer acquisition and graduation model, ensuring a steady increase in average monthly revenue per customer is expected to have boosted overall revenue growth.
What Our Model Indicates
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
DigitalOcean has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Inseego (INSG - Free Report) has an Earnings ESP of +4.17% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Inseego shares have gained 54.2% year to date. INSG is set to report its fourth-quarter 2023 results on Feb 21.
Vertiv (VRT - Free Report) has an Earnings ESP of +1.90% and a Zacks Rank of 2 at present.
Vertiv shares have gained 31.1% year to date. VRT is set to report its fourth-quarter 2023 results on Feb 21.
NVIDIA (NVDA - Free Report) has an Earnings ESP of +3.67% and a Zacks Rank #2.
NVIDIA shares have gained 46.6% year to date. NVDA is set to report its fourth-quarter fiscal 2024 results on Feb 21.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
DigitalOcean (DOCN - Free Report) is scheduled to report fourth-quarter 2023 results on Feb 21.
For the fourth quarter, DigitalOcean anticipates revenues of $178 million.
The Zacks Consensus Estimate for fourth-quarter revenues stands at $178.26 million, suggesting growth of 9.36% year over year.
The company projects earnings in the range of 36-37 cents. The consensus mark for fourth-quarter earnings remained unchanged in the past 30 days at 37 cents per share, suggesting growth of 32.14% year over year.
DOCN beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters and missed once, the average surprise being 19.04%.
Let’s see how things have shaped up for the upcoming announcement.
Factors to Note
DigitalOcean’s fourth-quarter performance is likely to have been driven by the benefits of a robust product portfolio and strong demand for its IaaS and PaaS offerings.
Growing investments for product and infrastructure enhancements are expected to have been a tailwind for the company.
The introduction of Managed Kafka, premium general-purpose droplets, and scalable storage for databases are expected to have contributed well to revenue growth during the fourth quarter.
Digital Ocean's growing demand for AI-related services on the back of its recent integration of Paperspace's AI/ML capabilities is expected to have bolstered the company's revenue growth during the quarter under review.
The company's robust customer acquisition and graduation model, ensuring a steady increase in average monthly revenue per customer is expected to have boosted overall revenue growth.
What Our Model Indicates
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
DigitalOcean has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Inseego (INSG - Free Report) has an Earnings ESP of +4.17% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Inseego shares have gained 54.2% year to date. INSG is set to report its fourth-quarter 2023 results on Feb 21.
Vertiv (VRT - Free Report) has an Earnings ESP of +1.90% and a Zacks Rank of 2 at present.
Vertiv shares have gained 31.1% year to date. VRT is set to report its fourth-quarter 2023 results on Feb 21.
NVIDIA (NVDA - Free Report) has an Earnings ESP of +3.67% and a Zacks Rank #2.
NVIDIA shares have gained 46.6% year to date. NVDA is set to report its fourth-quarter fiscal 2024 results on Feb 21.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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