HubSpot clears Wall Street's bar on earnings and its stock moves higher

HubSpot Inc.'s stock (HUBS) was moving more than 6% higher in Wednesday's late trading after the cloud-based-software company for customer relationship management topped expectations with its latest results and profit outlook. The company generated a third-quarter net loss of $5.5 million, or 11 cents a share, compared with a loss of $31.4 million, or 65 cents a share, in the same period a year earlier. On an adjusted basis, HubSpot logged earnings per share of $1.59, whereas the FactSet consensus was for $1.24. Revenue jumped to $557.6 million from $444.0 million, while analysts were looking for $534.1 million. "Our easy-to-use, easy-to-scale connected customer platform is deeply resonating with [small- and medium-sized businesses] as they look to optimize spend and boost productivity in this challenging environment," Chief Executive Yamini Rangan said in a release. For the fourth quarter, HubSpot expects $556 million to $558 million in revenue, along with $1.53 a share to $1.55 a share in adjusted earnings. Analysts were modeling $557 million and $1.50 a share, respectively.

-Emily Bary

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11-08-23 1659ET

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