HCP - Why HashiCorp Stock Dropped Today
2023-12-08 18:20:34 ET
Shares of HashiCorp (NASDAQ: HCP) fell 16.4% on Friday despite stronger-than-expected quarterly results from the cloud infrastructure software company. The market appears to be concerned with declining revenue retention trends from HashiCorp's existing customers.
On the former, HashiCorp's fiscal third-quarter (ended Oct. 31, 2023) revenue grew 17% year over year to $146.1 million, translating to adjusted ( non-GAAP ) net income of $5.6 million, or $0.03 per share (swinging from a $0.13 per-share loss in the same year-ago period). This was also HashiCorp's first-ever quarter with positive adjusted earnings. Analysts, on average, were expecting a per-share loss of $0.04 on revenue of $143 million.
HashiCorp CEO Dave McJannet called it a "solid" quarter in spite of continued macroeconomic headwinds.
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Why HashiCorp Stock Dropped Today