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

Max Juang /
2024/05/29 3:02 am EDT

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

HashiCorp beat analysts' revenue expectations by 4.3% last quarter, reporting revenues of $155.8 million, up 14.7% year on year. It was a mixed quarter for the company, with an impressive beat of analysts' billings estimates but management forecasting growth to slow. It added 20 enterprise customers paying more than $100,000 annually to reach a total of 897.

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

This quarter, analysts are expecting HashiCorp's revenue to grow 11% year on year to $153.2 million, slowing from the 36.8% increase it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.01 per share.

HashiCorp Total Revenue

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. HashiCorp has a history of exceeding Wall Street's expectations, beating revenue estimates every single time over the past two years by 6.7% on average.

Looking at HashiCorp's peers in the software development segment, some have already reported their Q1 results, giving us a hint as to what we can expect. JFrog delivered year-on-year revenue growth of 25.7%, beating analysts' expectations by 1.7%, and Datadog reported revenues up 26.9%, topping estimates by 3.3%. JFrog traded down 18.9% following the results while Datadog was also down 7.7%.

Read our full analysis of JFrog's results here and Datadog's results here.

Investors in the software development segment have had steady hands going into earnings, with share prices up 1.3% on average over the last month. HashiCorp is up 2.9% during the same time and is heading into earnings with an average analyst price target of $35.3 (compared to the current share price of $33.4).

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