By Sam Boughedda
Investing.com -- HubSpot Inc (NYSE:HUBS) stock rose 8.5% on Friday, one of the day's few gainers. The company posted earnings after the close Thursday, beating analyst expectations.
The developer and marketer of software products posted adjusted earnings of 54 cents per share on revenue of $395.6 million. This was above the 47 cents per share on revenue of $382.99 million expected by analysts polled by Investing.com.
The company grew its customers to 143,689 at the end of March, up 26% from March 31, 2021. Average subscription revenue per customer was $11,030 during the first quarter, up 12% compared to the previous year.
"Despite uncertainty in the world, we remained resilient and committed to empowering our customers to grow their businesses. I'm particularly excited about the Service Hub relaunch and the robust new features we introduced to help customers deliver even more exceptional service," commented Yamini Rangan, CEO at HubSpot.
In the second quarter, Hubspot sees revenue in the range of $409 million to $410 million, with adjusted net income per share between 42 cents and 44 cents.
For 2022 it expects revenue to come in between $1.722 billion to $1.728 billion, with adjusted net income per share between $2.40 to $2.42.
"Looking ahead, 2022 is a year of focus and consistency. We will continue to execute on our key strategy priorities and solve for our customers," concluded Rangan.