HashiCorp (HCP) Reports Q1: Everything You Need To Know Ahead Of Earnings

Jabin Bastian /
2023/06/06 7:23 am EDT

Cloud infrastructure automation platform HashiCorp will be reporting earnings tomorrow after market hours. Here's what to look for.

Last quarter HashiCorp reported revenues of $135.8 million, up 40.7% year on year, beating analyst revenue expectations by 9.3%. It was a strong quarter for the company, with an impressive beat of analyst estimates and accelerating growth in large customers . The company added 38 enterprise customers paying more than $100,000 annually to a total of 798.

Is HashiCorp buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting HashiCorp's revenue to grow 31.9% year on year to $133.1 million, slowing down from the 50.8% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.14 per share.

HashiCorp Total Revenue

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 10.5%.

Looking at HashiCorp's peers in the software development segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. GitLab delivered top-line growth of 45.2% year on year, beating analyst estimates by 7.7% and JFrog reported revenues up 25.3% year on year, exceeding estimates by 1.81%. JFrog was up 4.75%, and GitLab was up 13.1%. Read our full analysis of GitLab's results here and JFrog's results here.

There has been positive sentiment among investors in the software segment, with the stocks up on average 16.5% over the last month. HashiCorp is up 16.6% during the same time, and is heading into the earnings with analyst price target of $36.3, compared to share price of $34.62.

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The author has no position in any of the stocks mentioned.