HubSpot has released its financial results for Q4 and the full year of 2023, revealing a strong performance despite a challenging macro environment. The company reported a Q4 total revenue of $581.9 million, a 24% increase compared to Q4 2022. Subscription revenue for Q4 2023 was $570.2 million, also up 24% compared to the same period in the previous year.

Professional services and other revenue for Q4 2023 was $11.7 million, a 2% increase compared to Q4 2022. However, the company reported a GAAP operating loss of $24.3 million for Q4 2023, compared to a loss of $13.5 million in Q4 2022. Non-GAAP operating income for Q4 2023 was $98.1 million, compared to $64.0 million in Q4 2022.

For the full year of 2023, HubSpot reported a total revenue of $2.17 billion, a 25% increase compared to 2022. Subscription revenue for the full year was $2.12 billion, up 26% compared to 2022. Professional services and other revenue for the full year was $46.8 million, down 16% compared to 2022.

The company reported a GAAP operating loss of $208.1 million for the full year, compared to a loss of $109.1 million in 2022. Non-GAAP operating income for the full year was $330.3 million, compared to $169.1 million in 2022.

"We saw a strong finish to a good year despite the challenging macro environment," said Yamini Rangan, Chief Executive Officer at HubSpot. "Our customers have high confidence in our ability to help them grow in any environment and we are becoming the clear platform of choice for scaling companies. 2023 was a banner year for product innovation with over 800 enhancements across our platform. At the same time, we drove go-to-market execution across digital, sales, and partner channels while staying focused on our bi-modal strategy. As we look to 2024, we are doubling down on making HubSpot even easier to buy with a new seats-based pricing model. We have clear momentum in a large market, our pricing evolution will allow us to acquire and serve more customers, and the pace of product innovation will help us achieve our goal of becoming the #1 AI powered customer platform for scaling companies."

HubSpot plans to introduce a new seats-based pricing model in 2024, which the company believes will make it easier for customers to purchase their services. This move comes after a year of significant product innovation, with over 800 enhancements made across the platform in 2023.