Software and customer relationship management company HubSpot (NYSE: HUBS) announced its financial results for the fourth quarter and full-year 2020 on Thursday with revenue topping Wall Street estimates.
The firm’s Q4 total revenue was $251 million, up 35% compared to the same period in 2019 and finishing above the consensus of $236.7 million. They also reported improved earnings per share of $0.44, beating previous estimates of $0.23.
Revenue for the full-year 2020 was $883 million, up 31% compared to 2019, after HubSpot ended the year with 103,994 customers, up 42% from 2019 and surpassing the 100,000 customers milestone for the business.
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The company’s cash, cash equivalents and investments balance were $1.28 million as of December 31, 2020, and during the fourth quarter, they generated $61.3 million of operating cash flow and $79.1 million of free cash flow in 2020.
Looking ahead to the first quarter of 2021, HubSpot expects total revenue to be between $260 to $265 million. Revenue for the full-year 2021 is predicted to be in the range of $1.16 and $1.17 million.
“During the quarter we surpassed 100,000 total customers, and in December we crossed $1 billion in annual recurring revenue — two great milestones that reflect the determination of our team and the strength of our customer relationships,” said Brian Halligan, HubSpot’s CEO.
The company’s shares are up 19.51% at $516 following a 20% rise premarket.