Shares of customer relationship management software provider (NYSE: HUBS) have doubled since bottoming out at the beginning of 2023. However, the story becomes more muddled if you zoom out a bit. Even after this momentous rally, HubSpot stock is still down 30% from its pandemic-era high.

HubSpot's revenue growth rate has slowed since the days of the pandemic, but the company is still growing at an impressive rate, given its size. Revenue jumped 24% year over year in the fourth quarter of 2023, and the company expects its annual revenue this year to rise by 18% and surpass $2.5 billion. Against the backdrop of an uncertain economic environment, HubSpot's results look impressive.

A software-as-a-service (SaaS) company like HubSpot grows in two ways: winning new customers, and convincing existing customers to spend more. HubSpot is having no trouble at all winning new customers. The company ended 2023 with 205,091 customers, up 23% from the end of 2022.

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Source Fool.com