【財報分析】簡評Datadog(DDOG)早前發布的2024Q2財報

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• 關於我對Datadog(DDOG)的基本看法，可在索引檔案找到。

上周DDOG發布財報後，股價沒有什麼特別動靜，最近幾天跟著大盤上漲了些，感覺市場看完DDOG的最新財報後，有點不知道它該漲還是該跌。

DDOG的估值在軟體股中，其實一直不算很低，近期大概在15倍左右，算是估值評價相對比較好的軟體股。在我長期追蹤的行情表中，跟它估值評價同樣較高的公司有PLTR、TTD、NET和CRWD。排除掉CRWD最近出了事，另外三隻的財報都很漂亮，但DDOG的財報跟上述這些公司比起來，真的有差，一直給我的感覺是財報表現配不上目前這樣的估值。所以這次看DDOG財報和相關討論的時候，比較想知道市場到底在想什麼。

DDOG的財報不能說很差，但怎麼看就是偏疲軟一點。管理層給下一季的營收指引年增率進一步放緩到21%（上一季是給22%）。

大客戶數的增長也相當少。即使考慮到Q2的季節性因素，2023年由Q1到Q2，大客戶數是增加了80個，2022年由Q1到Q2，增加了170個。

但今年由Q1到Q2，DDOG的大客戶數只增加了50個。

利潤率也偏弱一點點，跟上一季相比，毛利率少了1個百分點，Non-GAAP operating margin少了3個百分點。

問題並不嚴重，管理層也說業務環境變化不大，客戶使用量跟去年比略有改善。但綜合指引、客戶數和利潤率來看，無可否認一點是，這財報並不漂亮。

Overall, the business environment for Datadog was roughly unchanged from last quarter. More customers overall are growing their cloud usage, while some are continuing to be cost conscious. In Q2, we saw existing customer usage growth that was broadly in line with our expectations and consistent with the overall improved trend that we had experienced over the past several quarters. Our usage growth with existing customers was higher than in the year ago quarter, and we saw continued healthy growth across our product line with newer products growing faster from a smaller base.

The components are the use of existing products and the cross-sell, and so as you mentioned both of those have been stronger in the first half of this year than they were last year, and we’ll see what happens, but we don’t give guidance or forecast on net retention. Thanks.

以現在市場吹毛求疵的程度，卻很反常地似乎不太介意，為什麼？