SAN FRANCISCO - HashiCorp, Inc. (NASDAQ: NASDAQ:HCP), a leader in multi-cloud infrastructure automation software, reported a robust fourth quarter with earnings and revenue surpassing Wall Street expectations. The company announced an adjusted earnings per share (EPS) of $0.05, which was $0.04 higher than the analyst consensus of $0.01. Revenue for the quarter also exceeded forecasts, coming in at $155.8 million against the expected $149.29 million.
The positive earnings news propelled HashiCorp's stock upwards by 7%, indicating a strong investor endorsement of the company's performance. This surge in share price reflects confidence in HashiCorp's financial health and its strategic initiatives aimed at reaccelerating revenue growth.
For the fourth quarter, HashiCorp's revenue marked a 15% increase from the $135.8 million reported in the same period the previous year. The company's full fiscal year 2024 revenue totaled $583.1 million, showcasing a 23% rise from the previous year. The company's gross profit for the quarter was $128.8 million, maintaining an 83% gross margin, consistent with the prior year's performance.
HashiCorp's CEO, Dave McJannet, attributed the strong quarter to the team's efforts in exceeding expectations and emphasized the company's focus on simplifying its go-to-market strategy, improving product monetization, and concentrating on the HashiCorp Cloud Platform for the upcoming fiscal year.
Looking ahead, HashiCorp provided guidance for the first quarter of fiscal 2025, forecasting revenue between $152 million and $154 million, which is in line with the consensus estimates. However, the company's projected EPS ranges from a loss of $0.02 to break-even, slightly below the analyst consensus of $0.01.
HashiCorp's CFO, Navam Welihinda, expressed confidence in the company's operating plan to accelerate revenue growth and highlighted the execution of a $250 million stock repurchase program. This strategic move underscores the company's commitment to delivering value to shareholders and its belief in the long-term potential of HashiCorp.
Investors have responded positively to HashiCorp's financial results and forward-looking strategies, as reflected in the significant uptick in the company's stock price following the earnings release.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.