Why PagerDuty Stock Tumbled on Friday
Shares of PagerDuty (NYSE: PD) tumbled in late morning trading Friday, falling 7% through 11:45 a.m. ET after the digital operations management company reported a modest earnings beat but warned that near-term results could be somewhat worse than expected. Analysts had forecast that PagerDuty would lose $0.08 per share, pro forma, on sales of $82.7 million in its fiscal first quarter 2023. Although its 34% growth in revenue was admirable, and its reported pro forma loss was less than expected, PagerDuty still lost money in the quarter -- a lot of money.