HashiCorp Stock Is Rising On Q3 Earnings: Existing Customers 'Continue To Expand And Extend'

HashiCorp Stock Is Rising On Q3 Earnings: Existing Customers 'Continue To Expand And Extend'

HashiCorp Inc HCP shares are moving higher in Wednesday's after-hours session after the company reported mixed financial results and issued guidance above analyst estimates.

What Happened: HashiCorp said third-quarter revenue jumped 52% year-over-year to $125.3 million, which beat average analyst estimates of $111.09 million, according to Benzinga Pro.

The company reported a quarterly net loss of 38 cents per share, which missed average estimates for a loss of 31 cents per share.

"Existing customers are seeing immense value and continue to expand and extend their relationships with us at a healthy rate, as shown by our high net retention rate of 134%," said Navam Welihinda, CFO of HashiCorp.

HashiCorp expects fourth-quarter revenue to be between $123 million and $125 million versus estimates of $119.93 million. The company anticipates a fourth-quarter net loss between 21 cents and 23 cents per share versus estimates for a loss of 30 cents per share.

HashiCorp sees full-year revenue between $463 million and $465 million versus estimates of $445.53 million. The company sees a full-year net loss between 69 cents and 71 cents per share versus estimates for a loss of 96 cents per share. 

HashiCorp focuses on multi-cloud infrastructure automation software. 

See Also: Why C3.ai Shares Are Moving In Wednesday's After-Hours Session

HCP Price Action: HashiCorp shares are up 10.60% in after hours at $29.56 at time of publication, according to Benzinga Pro.

Photo: Tayeb MEZAHDIA from Pixabay.

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