According to a recent report, the Global DevOps Market is estimated to grow at 20% CAGR from $7.4 billion in 2021 to reach $37.2 billion by 2030. San Francisco-based PagerDuty (NYSE: PD) recently announced its quarterly results that continued to outpace market expectations.

PagerDuty’s Financials

Revenues for the second quarter grew 34% to $90.3 million, ahead of the market’s estimates by 2.9%. Non GAAP net loss was $0.04 per share compared with the market’s forecast of a loss of $0.09 per share.

Among key metrics, the number of total paid customers grew to 15,174 at the end of the quarter, compared with 14,169 a year ago. Customers with annual recurring revenue of more than $100,000 grew to 689 compared to 501 a year ago. Dollar-based net retention rate of 124% fell from 126% a year ago. International revenue contributed to 23% of the quarter’s revenue compared with 24% last year.

For the third quarter, PagerDuty forecast revenues of $92-$94 million and non GAAP loss of $0.04-$0.03 a share. Analysts forecast revenues of $91.95 million and a loss of $0.07 a share for the quarter. For the year, the company expects revenues of $365-$370 million and non GAAP loss of $0.12-$0.10 a share. Analysts expect revenues of $365.25 million and a loss of $0.20 per share for the year.

PagerDuty’s Expansion

PagerDuty continues to announce product enhancements and upgrades that help it expand its market share. The recently released PagerDuty Operations Cloud helps to rapidly identify time-sensitive opportunities and incidents while freeing up team capacity and improving efficiency. The upgrades deliver added automation capabilities across the entire product portfolio and enable customizable responses when incidents occur in real time, by responders, or even customer service and business teams. The new Incident Workflows capabilities streamline orchestration of processes during an incident and make the response process more rapid, automated, and consistent. Incident workflows also make its platform more flexible and extensible by enabling rapid design and deployment of no code, flexible, automated steps for major incident responses.

PagerDuty made service standards generally available to PagerDuty customers. Service standards allow organizations to rapidly advance their digital maturity by adopting best practices for incident response. Developers, SREs, service owners, and those responsible for availability and reliability can set up and monitor operational quality standards for service.

Finally, PagerDuty integrated Automation Actions across the Operations Cloud experience to orchestrate automated diagnostics and remediation steps. Automation capabilities are available at the time when events are first processed and available to all PagerDuty users, including customer service teams, to validate, diagnose, and remediate issues without additional human intervention and without needing experts to run their specialized scripts.

Meanwhile, PagerDuty continues to build its ecosystem. It now has more than 700 integrations. In August, it launched AWS plugins for automated diagnostic actions. These out-of-the-box automations install in minutes and can gather deep telemetry into PagerDuty’s incidents for AWS services. It also launched automation actions applications for Salesforce and Zendesk.

Its stock is currently trading at $22.51 with a market capitalization of $2.1 billion. It touched a 52-week high of $47.82 a year ago and a 52-week low of $21.72 earlier this month.

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