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Why HashiCorp Stock Dropped Today

TheMotleyFool 
0 0 09.12.23
Why HashiCorp Stock Dropped Today: https://g.foolcdn.com/editorial/images/757682/stock-market-crash-sell-off-red-finance-numbers-1.jpg
 

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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Source Fool.com

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