According to a Research Drive report, the global DevOps market is estimated to grow at a CAGR of 23% to reach $23.4 billion by 2027. San Francisco-based PagerDuty (NYSE: PD) recently announced its first quarter results that continued to impress the market.

PagerDuty’s Financials

Revenues for the first quarter grew 27.7% over the year to $63.6 million, ahead of the market’s forecast by 2.6%. GAAP net loss was $22.6 million or $0.27 per share, compared with a loss of $11.5 million or $0.15 per share a year ago. Non GAAP loss was $0.08 per share compared with the market’s forecast of a loss of $0.11 per share.

Among key metrics, it reported 16,800 customers as of the end of April 2021 with new names like Drizly, Jaguar Land Rover, Lunchbox, OAG Aviation, Pony.ai, Swissquote Bank, and Truist Financial joining its customer portfolio.

PagerDuty forecast revenues of $64.5-$66.5 million for the second quarter with an adjusted loss of $0.16-$0.15 a share and revenues of $267-$272 million for the year with an adjusted loss of $0.42-$0.36 a share. Analysts had forecast second quarter revenues of $65.56 million with a loss of $0.15 a share. Analyst forecast revenues of $270.45 million and a loss of $0.39 per share for the full fiscal year 2022.

PagerDuty’s Expanded Market Reach

Recently, PagerDuty announced new capabilities to help teams with managing time sensitive, mission critical work. The new features help reduce monotonous work while accelerating response time by leveraging automation, tackling change impacts and identifying incidents with AIOps, and building on existing real-time case management features for customer service operations teams.

It also announced two new add-on products, Runbook Actions, and a new plan for customer service operations. Slated to be generally available in fall of this year, PagerDuty Runbook Actions gives incident responders diagnostic and remediation automation, allowing them to quickly resolve incidents both safely and securely from PagerDuty’s interface. PagerDuty Service Graph will be released later this summer and it will help provide full service ownership by giving users a real-time view across people and technology. With the capability, customers will be able to instantly discover, map, and visualize business and technical service dependencies.

Additionally, PagerDuty continued to add several integrations for its platform. Earlier last month, it announced new integrations with JFrog, the liquid software company. The integrations with JFrog Xray and JFrog Pipelines will allow customers to observe their entire software delivery lifecycle, understand changes, and identify security issues throughout the process. DevSecOps teams will be able to receive PagerDuty notifications for open source security vulnerabilities and license compliance violations detected through the continuous scanning of packages and container images. At the end of the first quarter, PagerDuty had integrations with over 560 partners including deeper integrations with AWS, Crowdstrike, and Zendesk.

Its stock is currently trading at $42.98 with a market capitalization of $3.56 billion. It touched a 52-week high of $58.36 in February and a 52-week low of $23.00 in September last year.