DigitalOcean Holdings, Inc. - DOCN STOCK NEWS

DigitalOcean Holdings (NYSE: DOCN) has released a report revealing rising cybersecurity concerns among small-to-medium-sized businesses (SMBs). Notably, 54% of respondents reported increased anxiety over cybersecurity threats compared to last year. The report highlights that 80% of startups and SMBs have one or fewer employees dedicated to security, with 38% having no designated security personnel. Furthermore, 74% of businesses consider data privacy crucial, yet the majority lack dedicated staff for this area. The lack of resources and time to address security issues remains a significant challenge for these businesses.

DigitalOcean Holdings, Inc. (DOCN) reported a 34% year-over-year revenue increase for 2022, totaling $576.3 million. The fourth quarter alone saw revenue rise by 36% to $163 million. Operating cash flow surged by 47%, and free cash flow represented 13% of revenue. Despite these positive metrics, the company faced a net loss per share of $(0.24) for the year. DigitalOcean announced a $500 million expansion of its share repurchase program and is restructuring to improve free cash flow margins. Expectations for 2023 include revenues of $700 to $720 million and a free cash flow of 21% to 22% of revenue.

Welcome Homes has appointed Sara Anissipour as Chief Revenue Officer and Ivi Ahuja as Head of Strategic Partnerships, enhancing its leadership team. Anissipour previously led global sales at Pacaso, achieving 400% annual revenue growth. Ahuja, with extensive experience from Realtor.com and Indeed.com, will focus on expanding the company's partner network. These hires follow a successful $29M Series A funding round, demonstrating Welcome Homes' commitment to aggressive growth and innovation in the housing market. The company has reported 500% growth in its second business year, signaling a strong trajectory in custom home building.

DigitalOcean Holdings, Inc. (NYSE: DOCN) will announce its financial results for the fourth quarter and fiscal year ended December 31, 2022, before the market opens on February 16, 2023. A conference call will follow at 8:00 AM ET to discuss these results and the future outlook. Investors can access the call by dialing (888) 330-3637, using conference ID 7741047. Relevant materials will be available on the DigitalOcean investor relations website. The call will also have a telephonic replay available until February 23, 2023, at (800) 770-2030 with the same conference ID.

Welcome Homes, a New York-based Proptech company, has successfully raised over $29M in a Series A funding round led by Era Ventures. The funding will facilitate talent acquisition to enhance their proprietary land technology, develop new home models, and expand into new U.S. markets. With a mission to tackle the housing shortage, Welcome Homes simplifies the home building process, offering price-locked properties for buyers and investors. The company aims for exponential growth in Northeast markets and plans to streamline the home building journey from land selection to construction.

DigitalOcean Holdings, Inc. (NYSE: DOCN) released its bi-annual Currents report, highlighting positive sentiments among small-to-medium businesses (SMBs) for 2023. Despite economic uncertainties, 63% of respondents feel optimistic about the year, and 79% foresee a good outlook for the next three years. The report shows a growing reliance on cloud solutions, with 61% of SMBs increasing spending on cloud infrastructure, driven primarily by cost savings. A significant 84% believe technological investments will help future-proof their businesses.

DigitalOcean Holdings, Inc. (NYSE:DOCN) has appointed Aaqib Gadit as its new Chief Revenue Officer (CRO), tasked with enhancing revenue-generating activities. This move reflects the company's achievement of over $650 million in annual recurring revenue and aims to propel growth towards $1 billion by 2024.

Gadit, previously co-founder and CEO of Cloudways, brings extensive experience in cloud services, particularly for small and medium-sized businesses (SMBs). His appointment signifies a strategic focus on streamlining operations and expanding DigitalOcean's market presence.

DigitalOcean Holdings, Inc. (NYSE:DOCN) has appointed Matt Steinfort as the new Chief Financial Officer (CFO), effective January 2023. Steinfort's experience includes serving as CFO at Zayo, overseeing $2.6 billion in revenue. He aims to help DigitalOcean achieve its revenue target of over $1 billion by 2024. Current CFO Bill Sorenson announced his retirement in August but will assist during the transition. Steinfort's strategic planning experience is expected to support DigitalOcean's growth and enhance its free cash flow performance.

DigitalOcean Holdings (NYSE:DOCN) has announced the launch of its new data center in Sydney, Australia, expanding its presence to better serve customers in Australia and New Zealand. This facility features advanced network architecture, ensuring 400 Gbps connectivity across Asia, North America, and Europe. The data center is designed for high availability, scalability, and security, targeting small and medium-sized businesses (SMBs) with low-latency services. The Australian cloud market is projected to grow by 12.5% by 2025, boosting DigitalOcean's potential customer base.