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Apr 30, 2023
HashiCorp Q1 2024 Earnings Report
Reported first quarter results for fiscal year 2024, showing revenue growth and progress in operating efficiency.
Key Takeaways
HashiCorp's first quarter fiscal year 2024 saw a 37% increase in revenue year-over-year, reaching $138.0 million. The company is focused on cloud adoption and improving operating efficiency, aiming to reach breakeven in the second half of fiscal year 2025. They also announced a workforce reduction of approximately 8% and the appointment of Susan St. Ledger as President, Worldwide Field Operations.
Revenue increased by 37% year-over-year, totaling $138.0 million.
GAAP gross profit was $111.2 million, with an 81% gross margin.
The company ended the quarter with 4,392 customers.
The company reduced its workforce by approximately 8%.
Revenue by Segment
Forward Guidance
For the second quarter of fiscal 2024, HashiCorp expects total revenue between $137 and $139 million, a non-GAAP operating loss between $46 and $43 million, and a non-GAAP EPS loss between $0.16 and $0.14.
Positive Outlook
- Total revenue of $137 - $139 million
- Company expects improvements in the automatization of the cloud
- Company expects improvements in security
- Company expects improvements in networking
- Company expects improvements in application deployment
Challenges Ahead
- Non-GAAP operating loss of $46 - $43 million
- Non-GAAP EPS loss of $0.16 - $0.14
- Difficult macroeconomic environment
- Pressure in the buying process
- Targeted cuts in discretionary spending
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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