DigitalOcean Holdings, Inc. - DOCN STOCK NEWS

DigitalOcean Holdings, Inc. (NYSE:DOCN) has appointed Chris Merritt to its board of directors, bringing extensive experience in global revenue operations, especially with small and medium-sized businesses (SMBs). Previously serving as Chief Revenue Officer at Cloudflare, Merritt's expertise is expected to bolster DigitalOcean's go-to-market strategy. CEO Yancey Spruill expressed enthusiasm about Merritt’s unique insights in navigating the cloud landscape for SMBs. Merritt highlighted the significant growth opportunities in the cloud sector for smaller enterprises, especially as larger players focus on bigger clients. DigitalOcean aims to empower SMBs with simplified cloud solutions, enhancing their competitive position both locally and globally.

Welcome Homes, a tech startup specializing in semi-custom home building, is expanding its operations into Georgia and North Carolina. This move increases the total number of states it serves to nine, responding to growing demand in thriving markets. Homes start at $595K, with the company aiming to address the influx of new residents in these regions as noted by Forbes. The platform offers transparent pricing and customizable designs. The company, founded by the co-founding team of DigitalOcean (DOCN), recently secured $29M in a Series A funding round, highlighting its potential despite market challenges.

DigitalOcean Holdings, a leading cloud provider for SMBs, has appointed Nancy S. Coleman as the new Senior Vice President of Corporate Communications. Reporting directly to CEO Yancey Spruill, Coleman will manage both internal and external communications, enhancing the company's brand narrative. Her extensive background includes a prior role at Skillsoft and key positions at Maxar Technologies and DigitalGlobe. CEO Spruill expressed optimism over Coleman's capabilities, highlighting her potential to accelerate DigitalOcean's growth towards its first $1 billion in revenue. DigitalOcean focuses on simplifying cloud computing for small and medium-sized businesses, aiming to foster innovation and growth.

DigitalOcean Holdings, Inc. (NYSE: DOCN) will report its financial results for Q1 2023 on May 9, 2023, before market opening. A conference call is scheduled for 8:00 AM ET to discuss these results and provide a financial outlook. Investors can access the call at (888) 330-3637 using conference ID 7741047. The earnings release and materials will be available on the DigitalOcean investor relations website. A replay will be accessible until May 16, 2023.

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.