PagerDuty is exploding higher today, building on momentum from its fiscal second-quarter financial results released after the market close on August 27. The company reported revenue of $124.44 million, which exceeded expectations and the high end of its guidance, while also marking the first time annual recurring revenue surpassed $500 million. This company-specific strength is being bolstered by a broader rally in the software application sector, as peers like Workday, Atlassian, and ServiceNow are all posting significant gains during the session.