HubSpot shares moved higher after the closing bell in New York as the customer relationship management platform posted first quarter results and guidance that crushed Wall Street’s expectations.
For the three months ended March 31, 2023, the company’s adjusted earnings per share topped expectations of $0.82 per Zacks Consensus Estimate at $1.20 per diluted share.
Revenue was up 27% year-over-year at $501.6 million, blowing past analysts’ forecast of $474.51 million. Subscription revenue was up 27% to $489.7 million and professional services revenue was up 12% to $11.9 million.
The company also provided guidance for the second quarter and full-year 2023 that exceed analysts’ forecasts. For the second quarter, the company guided for revenue between $503 million to $505 million and adjusted earnings per share between $0.98 and $1.
Analysts had been expecting guidance of earnings per share of $0.88 on revenue of $497.92 million.
For the full year 2023, the company said it expects revenue of $2.080 billion to $2.088 billion and adjusted earnings per share between $4.80 to $4.85.
Analysts had forecast earnings per share of $4.25 on revenue of $2.06 billion, per Zacks.
HubSpot shares were up 6% at US$442.97 shortly after the release of its results.
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