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Hubspot stock pops on 3Q earnings beat and strong sales and profit guidance

Published 2023-11-08, 04:49 p/m
© Reuters.  Hubspot stock pops on 3Q earnings beat and strong sales and profit guidance
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Proactive Investors - Hubspot reported third quarter earnings that topped analyst estimates and guided sales and profits above expectations for the December quarter, sending its shares more than 9% higher in afterhours trade on Wednesday.

Shares of the customer relationship management (CRM) platform provider added 9.1% at US$482.50 on its results.

For 3Q, Hubspot reported revenue of $557.6 million, more than $20 million more than the $533.7 million expected by Wall Street analysts.

Subscriptions revenue rose 25% to $545.8 million and professional services and other revenue increased 31% to $11.7 million.

It also grew its adjusted income from $35.1 million or $0.73 per share to $83.4 million or $1.67 per share, above the consensus analyst estimate of $1.23.

For its fourth quarter ending December 2023, it forecast sales in the range of $556 million to $558 million, above the analyst estimate of $555.5 million.

It expects adjusted earnings per share in the range of $1.53 to $1.55, above the Street forecast of $1.49.

"We had another quarter of strong momentum, driven by the team’s focused execution and rapid product innovation as we make progress towards becoming the #1 customer platform for scaling companies," Hubspot CEO Yamini Rangan said in a statement.

“Looking ahead, we will remain focused on driving outsized value for our customers to drive durable and profitable growth for many years to come.”

Follow her on X, formerly known as Twitter, @emilyjjarvie

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