Why DigitalOcean Stock Surged Today

Shares of DigitalOcean (NYSE: DOCN) jumped 10.9% on Thursday after the cloud platform delivered another quarter of impressive growth.  

DigitalOcean's third-quarter revenue rose 37% year over year to $111.4 million. Its annual run-rate revenue, meanwhile, climbed 36% to $455 million.

The cloud infrastructure provider's services -- which are often priced below that of its larger competitors and arguably easier to access -- are proving popular among developers and small businesses. DigitalOcean's total customer base increased by 7% to roughly 598,000 at the end of the quarter.

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Source Fool.com