This has been a forgettable year for DigitalOcean Holdings (NYSE: DOCN) investors so far, as shares of the cloud computing specialist are down 7%. Yet, its latest quarterly report has injected some life into the stock.

DigitalOcean, which provides on-demand cloud infrastructure and tools to small businesses and start-ups, reported second-quarter 2024 results on Aug. 8. The stock shot up 14% following the announcement, as its top and bottom lines easily surpassed Wall Street's expectations.

Let's take a closer look at the company's recent quarterly performance and why it may be a good idea to buy DigitalOcean stock while it remains beaten down.

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Source Fool.com