HCP - HashiCorp tumbles 17% despite beating Q1 expectations gives FQ2 and FY guidance

HashiCorp (NASDAQ:HCP -18.0%) Q1 revenue shows a surge of ~51% to $100.9M, beating consensus by $6.22M. GAAP EPS of -$0.43 beats consensus by $0.13. Net dollar retention rate was 133%, up from 122% last year. Company added 525 new customers and also added 49 customers with equal to or greater than $100K in annual recurring revenue, totaling 704 such customers. GAAP gross profit was $81.5M, representing an 81% gross margin. Non-GAAP gross profit was $85M, representing an 84% jump. GAAP operating loss was $78.4M. Total RPO or Remaining Performance Obligation was $433.9M, up from $287.9M last year. Cash and cash equivalents totaled $1,340.9M. Outlook FQ2: Total revenue of $101M-103M (vs. consensus $101.89M); Non-GAAP operating loss of $59M-56M; Non-GAAP EPS loss of $0.32-0.30. (vs. consensus -$0.32) Outlook FY 2023: Total revenue of $422M-432M (vs. consensus $426.35M); Non-GAAP operating loss of $224-216; Non-GAAP EPS loss of $1.19-1.15 (vs. consensus -$1.16) “As enterprises adopt cloud, HashiCorp is being chosen as

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HashiCorp tumbles 17% despite beating Q1 expectations, gives FQ2 and FY guidance