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07.12.2022 02:59:48

Here's Why DigitalOcean Stock Was Down 17% in November

Shares of cloud-computing company DigitalOcean (NYSE: DOCN) were down 17% in November, according to data provided by S&P Global Market Intelligence. The company reported quarterly financial results during the month, which caused a large market reaction. And analysts weighed in throughout the month, also affecting the stock price.DigitalOcean offers a cloud computing platform and targets small and medium-size businesses. This enterprise segment of the economy is under pressure these days. However, DigitalOcean stock didn't drop because of problems with the business. To the contrary, it put up strong numbers in the third quarter of 2022, which was reported on Nov. 7.In the third quarter, DigitalOcean generated revenue of $152.1 million, up 37% year over year and ahead of management's high-end guidance of $147 million. There's a small caveat to the top-line figure: $4.1 million in revenue is from its recent acquisition of Cloudways. However, even backing this revenue out, DigitalOcean still beat guidance.Continue reading
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