Even After Spending to Promote Further Growth, DigitalOcean Remains Highly Profitable
Since its IPO in early 2021, shares of DigitalOcean Holdings (NYSE: DOCN) are up an incredible 118% as of this writing. The third-quarter earnings update showcased the momentum this cloud computing firm is riding. Revenue growth accelerated to 37% year-over-year, keeping the company on track to reach its goal of $1 billion in annual sales by 2024.
One thing that separates DigitalOcean from other small, fast-growing tech firms is that it turns a profit. Thanks to its efficient operation, the company generates more than enough cash to invest in new research and development to improve its platform. As 2021 comes to a close, expect to see lots of new innovation at DigitalOcean to support its expansion in 2022.
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Source Fool.com
