2023-11-07 05:25:00 ET
DigitalOcean 's (NYSE: DOCN) stock price surged 17% on Nov. 3 after the cloud infrastructure company posted its third-quarter report. Revenue rose 16% year over year to $177 million and exceeded analysts' estimates by $4 million. Adjusted earnings per share grew 22% to $0.44 and also cleared the consensus forecast by $0.22.
DigitalOcean's headline numbers seemed stable, but the stock has still declined more than 20% over the past 12 months and remains nearly 50% below its initial public offering (IPO) price. Let's see why DigitalOcean's stock slumped -- and where it might end up in a year.
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Where Will DigitalOcean Stock Be in 1 Year?