HashiCorp Inc (NASDAQ:HCP), a leading provider of multi-cloud infrastructure automation software, stock plunges 24.10% (As on June 8, 11:13:50 AM UTC-4, Source: Google Finance) though the company beat expectations in the first quarter of FY 24 as it announced spending cuts and an 8% reduction in its workforce. HashiCorp also announced the appointment of Susan St. Ledger as the company’s President, Worldwide Field Operations, starting in July 2023. The company reported a fiscal first-quarter net loss of $53.3 million, improving from a loss of $78.2 million one year earlier. HashiCorp said it ended the quarter with 4,392 paying customers, up from 4,131 at the end of the previous quarter and 3,240 one year earlier. Of those customers, 830 are bringing in at least $100,000 in annual revenue each year, HashiCorp said, up from 798 a year earlier. The company also announced quarterly subscription revenue of $16.5 million, up from $8.8 million a year earlier.

HCP in the first quarter of FY 24 has reported the adjusted loss per share of 7 cents, beating the analysts’ estimates for the adjusted loss per share of 14 cents. The company had reported 37 percent rise in the adjusted revenue to $138 million in the first quarter of FY 24, missing the analysts’ estimates for revenue of $133.1 million. Non-GAAP gross profit was $115.0 million in the first quarter fiscal 2024, representing an 83% non-GAAP gross margin, compared to a non-GAAP gross profit of $85.0 million and an 84% non-GAAP gross margin in the same period last year. Non-GAAP operating loss was $27.3 million in the first quarter of fiscal 2024, compared to a non-GAAP operating loss of $32.0 million in the same period last year. Total non-GAAP RPO was $660.2 million at the end of the first quarter of fiscal 2024, up from $457.6 million at the end of the same period last year. The current portion of non-GAAP RPO was $394.6 million at the end of the first quarter of fiscal 2024, up from $305.2 million at the end of the same period last year. Cash, cash equivalents and investments totaled $1,289.2 million at the end of the first quarter of fiscal 2024, compared to $1,340.9 million at the end of the same period last year.

For the coming quarter, it’s expecting a loss of between 14 and 16 cents per share on revenue of between $137 million and $139 million. Both numbers came up short of Wall Street’s target of a loss of 12 cents per share on revenue of $141.4 million.