Turits lowered 2024/2025 estimates following the third quarter HubSpot Elite partner conversations that weakened relative to the analyst's second quarter checks and partner conversations he had at the Inbound conference in September.
Most partners cited macro-market uncertainty, the analyst noted.
Sales cycles indicated still long or even lengthening due to macro and more complex and up-market deals, Turits added.
The analyst lowered CY23 billings to $2.246 billion from $2.256 billion.
Turits lowered CY24 billings to $2.722 billion from $2.771 billion.
The analyst reduced CY25 billings to $3.328 billion from $3.372 billion.
The analyst also flagged increasing competition as HubSpot moves upmarket, projecting potential issues gaining traction on its full CRM suite (Sales, Marketing, CMS, Service, and now Operations and Payments).
For CY25, Turits reduced revenue estimates to $3.127 billion from $3.164 billion, EBIT to $528 million (16.9% margin) from $533 million (16.9% margin), and EPS to $8.86 from $8.95.
HUBS Price Action: HubSpot shares were trading higher by 0.42% to $471.11 on the last check Tuesday.
Photo: Courtesy HubSpot
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