Summary by Futu AI
Datadog, Inc., a leading cloud-based platform provider, released its Annual Report for the fiscal year ended December 31, 2023. The company reported a 27% increase in revenue to $2.13 billion compared to the previous year. Net income stood at $48.6 million, a significant improvement from the net loss of $50.2 million in 2022. The company's growth was attributed to a combination of new customer acquisitions and expansion within its existing customer base. Datadog's operating expenses also rose, with research and development costs up by 28% to $962.4 million, and sales and marketing expenses increasing by 23% to $609.3 million. The company's international revenue grew, representing 30% of total revenue. Datadog's CEO and CFO confirmed the effectiveness of the company's disclosure controls and procedures. The report also included management's discussion and analysis of financial condition and results of operations, highlighting the company's strategies for customer acquisition, product innovation, and international expansion.