HubSpot, Inc. (NYSE: NYSE:) shares jumped 7% in after-hours trading Wednesday after the customer relationship management software company reported second-quarter results that beat analyst expectations and raised its full-year outlook.
The company posted adjusted earnings per share of $1.94, surpassing the consensus estimate of $1.64. Revenue grew 20% YoY to $637.2 million, topping analyst projections of $619.28 million.
“Q2 was another solid quarter of revenue growth and profitability driven by our rapid pace of innovation and consistent execution,” said Yamini Rangan, Chief Executive Officer at HubSpot.
For the third quarter, HubSpot forecast adjusted EPS of $1.89-$1.91 on revenue of $646-647 million, in line with Wall Street estimates. The company raised its full-year 2024 guidance, now expecting adjusted EPS of $7.64-$7.70 on revenue of $2.567-2.573 billion, above the consensus of $7.36 and $2.56 billion respectively.
HubSpot’s customer base expanded 23% YoY to 228,054 at the end of Q2. However, average subscription revenue per customer declined 2% to $11,215.
The strong results and outlook underscore HubSpot’s momentum in becoming the “customer platform of choice for scaling companies,” as noted by CEO Rangan.