QQQ +11bps. Yields ticking down 1-2bps across the curve. BTC - 2%. Macro headlines fairly quiet this morning - Trump is meeting with PM modi at the Whitehouse today.
Busy morning - still working on going through earnings and news - we’ll have Part 2 out in a bit. For now, we' get into DDOG TTD RDDT CSCO APP and then dive into Research/News
DDOG: Q4 upside but FY25 starting guide lower than expects
FY25 guide is what investors will focus on with a starting point of 18.5% growth ($3.18B vs street closer to $3.24B). Buyside was closer to 20-21% growth
Q4 actually better than expectations coming in at $738M vs bogeys of $730-$735M. NRR upticked to high 110% range and net new customers were ++800 vs mid hundres the prior few quarters.
Q1 guide ok at $737M - $741M vs street at $742M and inline with bogeys.
Will listen to the call for more detail around such a low starting point for 2025 - bulls will want to say this sets a significantly low bar which sets DDOG up for beats and raises, but they’ll also want to get comfortable with this and make sure 20%+ growth still intact.
TTD -29%: First miss in history, decelerating growth, and increased investments put spotlight on structural/competitive issues bears have been focused on.
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