Shares of multi-cloud infrastructure automation solutions provider HashiCorp, Inc. (HCP) gapped up more than 15% after reporting better-than-expected quarterly results. The company's third-quarter as well as full-year outlook came in above analysts' view.
"Global enterprises continue to invest in their cloud programs, which are critical to their long term business goals. Our second quarter of fiscal 2023 results reflect the strength of this trend, with revenue growth of 52% year-over-year," said Dave McJannet, CEO, HashiCorp.
Excluding one-time items, loss was $32.1 million or $0.17 per share, that beat the average estimate of analysts polled by Thomson Reuters of $0.31 loss per share.
HashiCorp reported net loss of $74.8 million or $0.40 per share in the second quarter compared with $24.9 million or $0.37 per share loss in the same quarter a year ago.
Quarterly revenue increased 52% year-over-year to $113.9 million.
For the third quarter, the Company expects revenue to be in the range of $110 million-$112 million and adjusted EPS loss of $0.32-$0.30. Analysts expect the company to report loss of $0.34 per share on revenue of $106.3 million.
For the full year, HashiCorp sees revenue of $442 million-$448 million and EPS loss of $0.97-$0.95. The consensus estimate for earnings is $1.17 loss per share and for revenue is $427.73 million.
HCP, currently at $31.44, has been trading in the range of $25.51-$102.95 in the past 52 weeks.
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