Why HubSpot Stock Is Down in Volatile Trading on Thursday
Shares of HubSpot (NYSE: HUBS) are having a volatile trading day after the company reported first-quarter earnings results. The stock had gained as much as 2% at the open before dipping as much as 5%, and was down 3% as of 11:20 a.m. EDT. The company beat profit expectations and issued strong revenue guidance, but tech stocks have been under pressure for months.
Revenue in the first quarter increased 41% to $281.4 million, in line with Wall Street's forecast. That resulted in adjusted net income of $15.7 million, or $0.31 per share, which was better than the $0.29 per share in adjusted profits that analysts were modeling for. The customer relationship management (CRM) technology company ended the quarter with nearly 114,000 total customers.
Image source: HubSpot.
Source Fool.com
