HashiCorp falls after cutting FY rev guidance

Hashicorp

08/06/2023 11:20

** Shares of cloud software vendor HashiCorp Inc  HCP.O 
fall 20.02% to $27.81 premarket
    ** Co cuts FY24 total rev guidance to range of $564 mln-$570
mln from prior range of $591 mln-$595 mln
    ** "We expect the current buying environment will create
ongoing uncertainty in the pace of large customer expansions and
extensions for the rest of the fiscal year," - CFO Navam
Welihinda
    ** Co also announces targeted cuts in discretionary spending
and an approx. 8% workforce reduction
    ** Co reports Q1 rev of $138 mln, adj. loss of 7
cents/share, both beating analysts' estimates as per Refinitiv
data
    ** Welihinda also notes one of the co's largest retail
center customers reduced a portion of their spends with co
    ** Post results, four brokerages reduced their PT on stock,
with JP Morgan's new PT of $26 being the lowest on Wall Street -
Refinitiv
    ** Up to last close, stock had risen 27.2% YTD

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))