Posted on Thursday, Aug 19th 2021
Inbound marketing specialist HubSpot (NYSE: HUBS) recently reported its second-quarter results that continued to surpass market expectations. HubSpot is focusing on expanding its partner network and app development capabilities to fully leverage the power of PaaS.
HubSpot’s second-quarter revenues grew 53% to $310.8 million, ahead of the Street’s forecast of $296.01 million. Non GAAP EPS of $0.43 beat the market’s estimate of $0.32.
By segment, subscription revenues grew 53% to $300.4 million and Professional services and other revenues grew 44% to $10.4 million.
Among other operating metrics, its customer base grew 40% to 121,048. Total average subscription revenue per customer grew 9% to $10,198.
HubSpot forecast revenues of $325-327 million for the quarter with an EPS of $0.42-$0.44. The market was looking for revenues of $296.03 million with an EPS of $0.32. HubSpot expects to end the year with revenues of $1.268-$1.272 billion and an EPS of $1.67-$1.69. The market was looking for revenues of $1.24 billion for the year with an EPS of $1.65.
HubSpot’s Product Expansion
Recently, HubSpot announced its partnership with Envato, a leading online community for creative assets, tools, and talent. As part of the partnership, the two companies will launch over 250 unique website themes on Envato Market, made specifically for the HubSpot CMS Hub. The new templates provide businesses with a number of ways to customize their online presence. CMS Hub has been designed for marketers and developers and helps customers create seamless digital experiences easily using capabilities such as drag and drop page editing, mobile optimization, and premium hosting. Since CMS Hub has been built as part of HubSpot’s CRM platform, customers have direct access to all of their audience data, and they can leverage this to make better-informed strategic decisions and deliver better digital experiences. Melbourne-based Envato is a creative marketplace set up in 2006. I
had met with its founder couple Collis and Cyan Ta’eed, a few years ago, and learnt about their interesting journey behind establishing an ecosystem geared at driving creativity.
HubSpot also continued to push forward on its PaaS focus. It recently launched its App Accelerator program that enlists HubSpot partners to build solutions to solve known customer pain points that the HubSpot product team is unable to solve. HubSpot partners have already built 25 apps for the HubSpot marketplace to solve customer requests that are helping strengthen HubSpot’s CRM and Sales Hub. Overall, HubSpot boasts of over 1 million app installs through its platform, and each customer on its platform averages the installation of over seven third-party apps.
HubSpot has been working on driving the adoption of multiple products, and the recent quarter results prove that those efforts are bearing fruit. During the last quarter, 58% of all customers were running multiple products, recording 85% growth. The mix of new customers signing for multiple products was at 50%, compared with a third of new logos that signed up for multiple products just two years ago. As more of its products continue to become adopted by businesses, HubSpot will end up building a stickier customer base for itself. I recently interviewed Dharmesh Shah, Founder and CTO of
HubSpot on his entrepreneurial journey in building a unicorn.
Its stock is trading at $648.35 with a market capitalization of $30.5 billion. It touched a 52-week high of $679.19 earlier this month. In September of last year, it had fallen to a 52-week low of $260.79.
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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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 . Wix Focuses on Profitability Amid Mounting Losses . Dynatrace Targets $50B Addressable Market . Analysis of Salesforce's Troop.Ai Acquisition . Analysis of Workday's VNDLY Acquisition . Nutanix Stumbles on Supply Chain Issues . Veeva Targets $13 Billion TAM . RingCentral Maintains UCaaS Leadership Through Partnerships and Innovation . Okta Bounces Back Stronger Despite Security Event . Adobe Strengthens its Creative Cloud Portfolio and Gets Ready for the Metaverse . Analysis of Zoom's Acquisition of Solvvy