HubSpot hits $3.45B ARR, stock drops 16% as real growth sits at 18%
HubSpot reported 23% growth and beat consensus by $18M, then the stock tanked. The reason: five points of that growth came from FX. Constant currency growth is 18% and decelerating. Q2 guide is 16%. AI revenue is still activation counts, not material dollars. Multi-hub remains the actual engine.