The HashiCorp earnings report starts with the company reporting adjusted losses per share of 7 cents. That’s better than the 14 cents per share in losses that Wall Street was expecting for the quarter. It’s also better than the company’s adjusted per-share loss of 17 cents in the same period of the year prior.
HashiCorp also reported revenue of $137.98 million in the first quarter of fiscal 2024. That’s another beat compared to analysts’ revenue estimate of $133.13 million. It’s also a 37% improvement over the $100.9 million in revenue reported in the first quarter of fiscal 2023.
HCP Stock Hit by Weak Outlook
Unfortunately for investors in HCP stock, the company’s guidance is pulling shares down today despite its earnings beats. That’s due to its Q2 estimates of 16 cents to 14 cents per share in losses alongside revenue of $137 million to $139 million. For comparison, Wall Street is expecting adjusted losses of 12 cents on revenue of $141.16 million.
A mixed outlook for the fiscal full year of 2024 is also bringing HCP stock down today. It expects adjusted per-share losses of 27 cents to 24 cents with revenue ranging from $564 million to $570 million. To put that in perspective, analysts are expecting adjusted losses of 39 cents per share and revenue of $592.05 million in fiscal 2024.
Navam Welihinda, Chief Financial Officer of HashiCorp, said the following in the earnings report:
“We are committed to reaching our breakeven target of the second half of fiscal year 2025 and are focused on driving efficiency while preserving our long-term opportunity.”
HCP stock is down 21.6% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.