Shares of HashiCorp, Inc. (HCP) are down more than 17% Friday morning, after reporting wider loss in the first quarter. HashiCorp provides multi-cloud infrastructure automation solutions.
Net loss in the first quarter widened to $78.2 million from $15.6 million loss in the same period last year.
Net loss per share was $0.43 based on 182.9 million shares outstanding in the first quarter, compared with loss per share of $0.24 based on 65.7 million shares outstanding in the same period last year.
Excluding one-time items, loss was $31.8 million or $0.17 per share, that beat the average estimate of analysts polled by Thomson Reuters of $0.29 loss per share.
Revenue for the quarter, however, increased 51% year-over-year to $100.9 million.
HCP, currently at $34.00, has traded in the range of $29.26-$102.95 in the past 52 weeks.
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