HashiCorp (NASDAQ: HCP) shareholders are having a rough day. The stock was down by 23% as of 12:30 p.m. ET Thursday, compared to a modest increase in the S&P 500. The slump put the cloud software specialist's stock back in negative territory for the year, down 3% while the wider market is up 12%.

That decline was powered by a lukewarm reception on Wall Street to HashiCorp's slowing growth trends in its most recent quarter.

The company delivered its fiscal Q1 2024 results before the session opened. For the period, which ended April 30, sales rose 37% to $138 million. That result beat management's early March forecast that called for sales of between $132 million and $134 million. Its earnings results similarly edged past the cautious outlook that management issued a few months ago.

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Source Fool.com