This software stock 'should benefit big from AI' says Bank of America
The observability and security firm reported a first-quarter net income of $42.6 million, or 12 cents per share, compared to a net loss of $24.1 million, or 8 cents per share, a year ago.
“For one, remaining performance obligations , a good indicator of long-term customer commitments, increased 52% y/y. This along with big deal commentary, suggest Datadog stands to benefit from artificial intelligence and digital transformations over the long-term,” they added. This is particularly significant given that ARR is considered one of the most reliable forward-looking growth metrics in software.
“However, the true AI growth driver for Datadog will be when non-AI native companies deploy AI applications as scale,” they continued.
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