DigitalOcean Stock Is Up Over 30% So Far in 2023 -- Is It Too Late to Buy?
DigitalOcean (NYSE: DOCN) is keeping up with the Joneses. Revenue increased 36% year over year in the fourth quarter of 2022, impressive considering most of the public cloud giants reported a sharp deceleration in growth as the global economy slammed on the brakes after the U.S. Federal Reserve's aggressive interest rate hikes last year.
As a result, DigitalOcean's stock has rallied over 30% so far in 2023. It isn't the value it was a few months ago, but there's still plenty to like about this top computing technology company.
DigitalOcean's $576 million in revenue in 2022 is a pittance compared to the billions of dollars that cloud titans Amazon (NASDAQ: AMZN) AWS, Microsoft (NASDAQ: MSFT) Azure, and Alphabet's (NASDAQ: GOOGL)(NASDAQ: GOOG) Google Cloud haul in each quarter. DigitalOcean is undeterred, though. Its focus on updating small and mid-sized businesses for the cloud era (where a remote data center handles the heavy lifting and computing services are accessed via the web) is paying off even in a challenging economic climate.
Source Fool.com
