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Mar 31, 2023
HubSpot Q1 2023 Earnings Report
HubSpot's Q1 2023 earnings were announced, demonstrating substantial revenue growth and customer base expansion.
Key Takeaways
HubSpot reported a strong Q1 2023 with total revenue reaching $501.6 million, a 27% increase compared to Q1 2022. The company grew its customer base to 177,298, and average subscription revenue per customer was $11,365. While GAAP operating loss was $44.8 million, non-GAAP operating income was $67.7 million. The company is also focusing on leveraging Generative AI to enhance its platform.
Total revenue increased by 27% year-over-year, reaching $501.6 million.
Subscription revenue grew by 27% to $489.7 million.
Customer base expanded to 177,298, a 23% increase from the previous year.
Non-GAAP operating income was $67.7 million, compared to $35.0 million in Q1 2022.
HubSpot
HubSpot
HubSpot Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
HubSpot provided guidance for Q2 2023 and full year 2023. They expect Q2 revenue to be in the range of $503.0 million to $505.0 million and full year revenue to be in the range of $2.080 billion to $2.088 billion.
Positive Outlook
- Total revenue is expected to be in the range of $503.0 million to $505.0 million for Q2 2023.
- Non-GAAP operating income is expected to be in the range of $54.0 million to $56.0 million for Q2 2023.
- Non-GAAP net income per common share is expected to be in the range of $0.98 to $1.00 for Q2 2023.
- Total revenue is expected to be in the range of $2.080 billion to $2.088 billion for full year 2023.
- Non-GAAP operating income is expected to be in the range of $275.0 million to $279.0 million for full year 2023.
Challenges Ahead
- Unfavorable foreign exchange rates are expected to be a 1 point headwind to second quarter 2023 revenue growth.
- GAAP operating income range ($145,152)-($147,152) for Q2 2023.
- GAAP net loss range ($144,791)-($147,541) for Q2 2023.
- GAAP operating income range ($283,040)-($286,040) for FY 2023.
- GAAP net loss range ($260,856)-($264,731) for FY 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income