5 Insightful Analyst Questions From HubSpot's Q1 Earnings Call

HubSpot’s first quarter was characterized by steady customer growth and continued momentum in AI-driven product adoption, yet the market responded negatively to the results. Management pointed to strong net new customer additions and the increasing uptake of multi-hub solutions, with CEO Yamini Rangan citing “over 10,000 net customer additions” and “large deal growth up 23% year-over-year.” However, persistent macro uncertainty and a heightened customer focus on value contributed to cautious investor sentiment. Rangan acknowledged that, despite broad-based strength, “uncertainty remains the constant,” particularly as businesses scrutinize technology investments.

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions HubSpot’s Q1 Earnings Call

• Mark Murphy (JPMorgan) asked about the technical implementation and potential of Agent.ai and multi-agent orchestration. CTO Dharmesh Shah explained the use of Model Context Protocol to enable agent-to-agent communication and integration across HubSpot and third-party systems.

• Samad Samana (Jefferies) questioned the shape of revised guidance and margin impacts from M&A. CFO Kate Bueker noted that guidance reflects foreign exchange tailwinds but maintains a prudent outlook due to macro uncertainty, with minimal operating expense impact from acquisitions.

• Arjun Bhatia (William Blair) inquired about variations in demand and AI adoption across customer segments and verticals. CEO Yamini Rangan responded that demand patterns are consistent across segments, with AI adoption more dependent on customer readiness than industry or size.

• Rishi Jaluria (RBC) pressed on the predictability and customer experience of the new credit-based AI pricing. Rangan described the system as designed for simplicity and predictability, with bundled credits and flexible purchasing options to address customer concerns about usage forecasting.

• Parker Lane (Stifel) sought clarity on the impact of seat-based pricing on customer retention and upgrades. Bueker reported strong momentum in seat upgrades and expects most customers to migrate to the new model by the end of 2025, supporting higher net revenue retention.

Catalysts in Upcoming Quarters

In the quarters ahead, the StockStory team will be monitoring (1) the pace of adoption and monetization for HubSpot’s new AI-powered credit-based pricing system, (2) execution on upmarket and enterprise customer expansion, and (3) the migration rate to seat-based pricing and its effect on revenue retention. Additional signposts include the company’s ongoing ability to differentiate its platform through embedded AI, as well as macroeconomic developments that could influence technology investment trends.

HubSpot currently trades at $553.73, down from $659.50 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).

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