HubSpot (HUBS) has reported first-quarter earnings and revenue that exceeded analyst estimates. The company’s outlook for HubSpot stock was mixed, with profit above expectations and revenue below. On an adjusted basis, HubSpot earnings came in at $1.68 a share, up 40% from the previous year. Revenue increased by 23% to $617.4 million. This is compared to earnings of $1.20 a share and revenue of $502 million in the same quarter the previous year, surpassing analysts’ expectations.

The Cambridge, Mass.-based HubSpot reported its March-quarter earnings after the market close on Wednesday. Despite this, shares fell more than 2% to $576.01 in extended trading following the earnings report. Heading into the report, shares had seen a 6% increase in 24 and a 38% increase over the past year.

For the current quarter ending in June, HubSpot forecasted earnings per share of $1.63 at the midpoint of guidance and revenue of $618 million. Analysts were expecting adjusted EPS of $1.57 on revenue of $623 million. HubSpot’s marketing strategy revolves around digital channels such as blogs, internet search engines, and social media to attract people to customer websites and convert visitors into customers.

According to IBD Stock Checkup, HUBS stock had a Relative Strength Rating of 85 out of a best-possible 99 heading into the earnings report