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Datadog, a cloud monitoring firm, has raised its annual revenue and profit forecasts, driven by increasing demand for its AI-backed cybersecurity products. The company's shares initially rose by 4.1% amid volatile trading, reflecting strong investor expectations. Datadog's updated revenue projection stands at approximately $2.66 billion, surpassing previous estimates.
The surge in demand for AI applications among Datadog's customers is expected to enhance product usage significantly. With a large-scale migration to cloud services anticipated, Datadog is well-positioned to benefit from this trend. The company also reported a quarterly revenue of $690 million, exceeding analyst expectations, further solidifying its growth trajectory.
• Datadog anticipates strong growth from AI-driven cybersecurity products.
• The company raised its revenue forecast to $2.66 billion for the year.
AI-backed cybersecurity refers to security solutions enhanced by artificial intelligence technologies to detect and respond to threats more effectively.
Cloud migration is the process of moving data, applications, and other business elements from on-premises infrastructure to cloud-based environments.
AI applications utilize machine learning and other AI technologies to automate tasks and improve decision-making processes.
Datadog provides monitoring and analytics services for cloud infrastructure, leveraging AI to enhance cybersecurity offerings.
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