HashiCorp Stock Plunges After-Hours Despite Modest Q3 Results And Forecast

HashiCorp Inc. HCP shares are trading lower in Thursday's after-hours session after the company reported third-quarter financial results.

What To Know: HashiCorp reported quarterly earnings of three cents per share which topped the analyst consensus estimate of a loss of four cents. The figure marked a 123.08% increase over losses of 13 cents per share from the same period last year.

Revenue clocked in at $146.13 million, beating the analyst consensus estimate of $143.24 million, a 16.58% increase over sales of $125.34 million the same period last year.

The company ended the quarter with 4,354 customers, an increase from 4,217 customers at the end of the previous fiscal quarter and 3,648 customers at the end of the third quarter of fiscal 2023.

Fourth-quarter earnings were estimated to be between zero cents and two cents per share, versus the estimate of losses of one cent. The company saw revenue between $148 million and $150 million, versus the $149.05 million estimate.

Full-year 2024 earnings were estimated to be between losses of 14 cents and losses of 12 cents per share, versus the estimate of losses of 22 cents. Revenue was anticipated to be between $576 million and $578 million, versus the $573.46 million estimate.

"I'm pleased with our solid third quarter results including 17% year-over-year revenue growth," said Dave McJannet, CEO of HashiCorp. "Our teams continue to demonstrate consistent execution despite ongoing macroeconomic challenges. We are focused on near-term performance and meeting our long-term opportunity, which includes investment in our go-to-market efforts and our cloud offerings."

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HCP Price Action: Shares of HCP were down 16.91% at $20.69 in the after-hours session at the time of Thursday publication, according to Benzinga Pro. 

Photo: Elchinator from Pixabay