DigitalOcean Holdings, Inc. - DOCN STOCK NEWS

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.

Cloudways, a subsidiary of DigitalOcean (DOCN), has launched a Web Hosting Savings Calculator to assist small businesses in managing their cloud hosting costs as they prepare for the holiday season. The tool helps users input website details and compare hosting plans effectively. Additionally, starting November 14th, Cloudways is offering a promotional deal with 40% off web hosting services for 4 months and up to 30 free migrations. This initiative aims to alleviate financial pressures from rising costs and inflation.

DigitalOcean Holdings, Inc. (NYSE: DOCN) reported third-quarter 2022 results with a 37% year-over-year revenue increase, totaling $152.1 million. The acquisition of Cloudways contributed $4.1 million to revenues, with standalone growth at 33%. Annual Run-Rate Revenue (ARR) reached $640.6 million, up 41% year-over-year. Free cash flow improved to $22.4 million, with a 15% free cash flow margin. Looking ahead, fourth-quarter revenue guidance is set between $160 and $162 million, with a full-year revenue forecast of $573 to $575 million.

DigitalOcean Holdings, Inc. (NYSE:DOCN) has launched the Partner Pod, a new channel partner program aimed at supporting digital agencies, consultants, and technology providers. This initiative is tailored for businesses servicing small and medium-sized enterprises (SMBs), providing access to a comprehensive suite of cloud products, technical support, and marketing resources. Through various partnership tracks, partners can select paths aligning with their business goals, enhancing their capacity to aid SMBs. The program emphasizes long-term relationships and mutual growth for partners and their clientele.