Datadog (NASDAQ:DDOG) grew third-quarter revenue 35% to about $1.2 billion, then guided fourth-quarter revenue to roughly the same level. Shares fell about 12% in pre-market trading. The outlook implies revenue stops growing from the third quarter to the fourth, and that matters more than the strong quarter behind it. The profit gains are real. Revenue grew much faster than operating costs, which is how a software company with large fixed engineering and sales teams turns a loss into a profit. The catch is stock-based pay. It ran about 20% of revenue and explains most of the gap between GAAP and adjusted profit. The outlook is the bigger issue. Datadog's recurring revenue includes customer usage, so a flat forecast from one quarter to the next suggests either slower usage growth or a very cautious bar from management. The release also guides adjusted operating income to $280 million to $290 million, below the third quarter's level, so margins dip too.
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