HCP - HashiCorp stock drops 23% in wake of earnings report forecast

Cloud-based software developer HashiCorp. (HCP) stock dropped 23% in late morning trading Friday, the day after the company reported a widened fiscal Q1 loss. Shares of the infrastructure automation software provider opened at $35.41, hitting a high of $35.99 before sliding. The stock recently changed hands at $31.64, down 23%, at approximately 11:15 a.m. ET. Late Thursday, HashiCorp reported a fiscal Q1 net loss of $78M, compared with a net loss of $16M for the same period last year. Revenue shot up 51% year-over-year to $101M, topping estimates. Looking ahead, HashiCorp sees reporting revenue of $101M to $103M for fiscal Q2 and $422M to $434M for fiscal 2023. HashiCorp went public in November through an initial public offering that raised $1.22B.

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HashiCorp stock drops 23% in wake of earnings report, forecast