On the evening of November 25, 2025, PagerDuty published results for the third quarter of fiscal 2026, disclosing a reduction in dollar-based net retention compared to the prior quarter.
Management resultantly lowered its full-year revenue projections, conceding they had previously “underestimated the current headwinds to retention … the dollar value of the contraction, driven by seat-based reductions and customer budget caution has been larger than we forecast.”
Following this news, PD’s stock price fell by $3.54 (23.7%) per share to close at $11.64 per share on November 26, 2025.
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