Posted on Monday, Feb 22nd 2021
According to a recent Grand View Research report, the global digital marketing software market is expected to reach $151.8 billion by 2027, growing at an annualized rate of 17.4% from 2020. Inbound marketing specialist HubSpot (NYSE:HUBS) recently reported its fourth quarter results that surpassed market expectations.
HubSpot’s fourth quarter revenues grew 35% to $252.1 million, ahead of the Street’s forecast of by 6.6%. Non GAAP EPS of $0.40 beat the market’s estimate of $0.23.
By segment, Subscription revenues grew 36% to $244.3 million, and Professional services and other revenues dropped 9% to $7.7 million.
Among other operating metrics, its customer base grew 42% to over 103,994. Total average subscription revenue per customer dropped 3% to $9,785.
For the full year 2020, HubSpot announced revenues of $883 million and an EPS of $1.32.
HubSpot forecast revenues of $260-265 million for the first quarter of 2021 with an EPS of $0.28-$0.30. The market was looking for revenues of $242.86 million with an EPS of $0.26. HubSpot expects to end the year 2021 with revenues of $1.16-$1.17 billion and an EPS of $1.51-$1.59. The market was looking for revenues of $1.05 billion for the year with an EPS of $1.34.
Recently, HubSpot announced its agreement to acquire San Francisco-based The Hustle. Founded in 2015 by John Havel and Sam Parr, The Hustle is a media company that produces podcasts, newsletters, and premium research. The Hustle was started with the mission to help give business builders the information needed to make an impression on the world and change how media companies operate.
Its daily email was started in 2016 and it now provides more than 1.5 million readers access to topical stories and perspectives. Its subscription platform Trends and podcast My First Million give entrepreneurs insights, data, and best practices to help scale their companies. HubSpot hopes to leverage the acquisition to provide its customers with new ways to get access to content on a large number of topics through diverse media. With the acquisition, HubSpot will be
able to provide access to educational, business, and tech related content in its customers’ preferred format.
Prior to the acquisition, The Hustle had raised $1.3 million in two rounds of funding from investors including Ramit Sethi, Narendra Rocherolle, Jonah Goodhart, Tucker Max, Transmedia Capital, Terry Baker, Timothy Ferriss, Scott Belsky, Dave Nemetz, and The Tribe. Terms of the acquisition were not disclosed.
HubSpot’s services are gaining a lot of positive reviews. It was recently named the number two Best Global Software Seller according to user reviews on G2Crowd, rated between Microsoft and Zoom. This has also translated into financial performance. During the Q4 2020, it surpassed 100,000 total customers, and in December 2020, it crossed $1 billion in annual recurring revenue – two big milestones for the organization.
HubSpot’s PaaS Focus
HubSpot’s APIs are designed to allow developer teams of any shape or size to build integrations that help them customize and get the most value out of HubSpot. It has a dedicated app partner program that also
allows developers and organizations to publish apps on its platform. The program helps companies grow their business by distributing their apps to HubSpot’s growing customer base. The App Marketplace allows developers to get their apps in front of HubSpot’s more than 100,000 customers. According to HubSpot, 94% of its paid customers use apps to grow their businesses. More than 1 million apps have been installed through its marketplace, and each of its customer averages more than seven third-party app installs.
HubSpot’s stock is trading at $543.49 with a market capitalization of $25.18 billion. It touched a 52-week high of $529.23 earlier this month. In March last year, it had fallen to a 52-week low of $90.83.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. I am an investor in this company. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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Analysis of Amazon's MGM Acquisition . Guidewire Focuses on Building its Partner Network . Momentive, Formerly SurveyMonkey, Adds Analytics to Offerings . Zendesk Should Look at Acquisitions . HubSpot Continues to Grow its App Marketplace . Is Alteryx Being Acquired? . Shopify Continues to Woo Developers . DigitalOcean Expands Partnership with MongoDB . Analysis of Qualys' TotalCloud Acquisition . Pure Storage Experimenting with Pricing Models . Palo Alto Networks Expands Security Capabilities . RingCentral Cashing in on the Hybrid Work Environment . Splunk Tackles Decelerating Growth with Product Upgrades . MongoDB's Atlas Capabilities Expand to the Government Sector . Analysis of Bill.com's Invoice2Go Acquisition . DocuSign Banks on Agreement Cloud . Smartsheet's Expanding Use Cases . Analysis of Salesforce's Servicetrace Acquisition . Zscaler Focuses on Federal Agencies . Coupa Launches PaaS Strategy . Analysis of BlackLine’s Kyriba Partnership . PagerDuty's Expanding Integration Portfolio . Analysis of Tenable's Accurics Acquisition . Upstart’s Improving AI Algorithm in FinTech Consumer Lending . Analysis of C3.ai's Growing Partnerships . Analysis of Veeva's Learnaboutgmp Acquisition . Analysis of Adobe's Frame.io Acquisition . Snowflake Focuses on the Financial Services Sector . CrowdStrike Expands Government Offerings . Zoom Focuses on Expanding Reseller Offerings . Dropbox Focuses on Content Creators with New Product . Analysis of Okta's atSpoke Acquisition . Sumo Logic Leverages Red Hat Marketplace . Analysis of Dynatrace's SpectX Acquisition . Tuya Prepares to Address the Chip Shortage . Analysis of Appian's Lana Labs Acquisition . Analysis of Qualtrics's $1.125B Clarabridge Acquisition . Fastly Addresses Latency Issues for Developers . Alarm.com Leverages AI for Growth . Analysis of IBM's Rego Acquisition . Analysis of Unity's Parsec Acquisition . UiPath Envisions Advanced ML Capabilities . Microsoft Teams Lags Far Behind Zoom . Analysis of ServiceNow's Gekkobrain Acquisition . Google Attempts to Gain Ground in Cloud and AI . Atlassian Expands Beyond IT Offerings . Amazon Addresses Margin Pressures Through Product Upgrades . Twilio Leverages Segment Platform for Product Expansion . Shopify Expands PaaS Integrations . Analysis of Zendesk's $4.1B Momentive Acquisition . HubSpot Becomes a Stickier Platform . Analysis of Alteryx's Acquisitions . Wix Focuses on Fitness Services Providers . Pure Storage Partners with Microsoft Azure to Address Chip Shortage Concerns . Analysis of Salesforce's LevelJump Acquisition . Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence . 25 Cloud Stocks to BUY in 2022 . IBM Realigns its Portfolio to Focus on AI and Hybrid Cloud . Analysis of ServiceNow's DotWalk Acquisition . Analysis of Atlassian's Percept.AI Acquisition . Should Microsoft Break Itself Up? . Google Focuses on AI Enhancements . Amazon to Test Prime Customer Stickiness . Bill.com Continues Focus on Services for the SMB Segment . Analysis of GoDaddy's Pagely Acquisition . HubSpot's PaaS Keeps Growing . Freshworks Targets IT Operations Management Market . Zendesk Rejects Private Equity Buyout Offer . Shopify Emerges as a Covid Beneficiary with Stellar Results . Wix Simplifies App Creation . Anaplan Expands AWS Relationship . ON24 Builds a Partner Network . RingCentral Maintains Market Share Leadership in UCaaS Through Partnerships . BigCommerce Rides on TikTok's Growth . Analysis of Veeva's Veracity Acquisition . Salesforce Slows Down M&A to Focus on Integration . Okta's Widening Losses Worry Investors, But Growth Metrics Remain Strong . Nutanix Plans to Take on VMWare . Newly Public HashiCorp Focuses on a $73B Infrastructure-as-a-Code Market . Coupa Focuses on Key Products to Restart Decelerating Performance . Smartsheet's Product Line-up Fails to Accelerate Growth . DocuSign Targets a $50 Billion Market Opportunity . Pure Storage Takes on Dell in Top Tier Storage Market . Analysis of PagerDuty's Catalytic Acquisition . Splunk Impresses with Enterprise Customer Growth . Analysis of Qualtrics's Acquisition of SurveyVitals . Analysis of DigitalOcean's Nimbella Acquisition . Squarespace Eyes Video Offerings for SMBs . MongoDB is Leveraging Alliance with Amazon for Growth . Rapid7's Cross-Sell Capabilities Deliver Results . CrowdStrike Expands Partnerships to Address Cyber Attack Fears . Upstart Focuses on the Automobile Market for Growth . Zoom Adds Contact Center Capabilities to Enhance its UCaaS Stack . Tuya Struggles Amid Macro Economic Conditions . Analysis of Fastly's Fanout Acquisition . Analysis of BlackLine's FourQ Systems Acquisition . Analysis of IBM's Neudesic Acquisition . Analysis of Snowflake's Streamlit Acquisition . Google's Acquisition of Mandiant Fuels its Cloud Strategy . Microsoft Expands its Healthcare Cloud Offerings . Amazon Battles Margin Pressures . Atlassian Faces Stiff Competition . GoDaddy Targets a $126B TAM Opportunity . Bill.com Builds Value Added Services to Expand Wallet Share . Analysis of ON24's VIBBIO Acquisition . Twilio's Growth is Driven by Segment . Freshworks' Bots Make Customer Interactions Easier . Who Will Buy Zendesk? . Analysis of Shopify's Deliverr Acquisition