HubSpot shares plunge 12% on report that Alphabet is shelving interest in acquiring software company

HubSpot shares plunge 12% on report that Alphabet is shelving interest in acquiring software company

Jul 10, 2024 by CNBC

Key Facts

  • Chance Yeh | HubSpot | Getty Images HubSpot shares plunged 12% on Wednesday after a report said Alphabet isn’t going forward with plans to buy the software company.
  • According to Bloomberg, Alphabet was in talks with HubSpot earlier this year, “but the sides didn’t reach a point of detailed discussions about due diligence,” the report said, citing people with knowledge of the matter.
  • HubSpot has been growing more rapidly than Google of late, with the company reporting revenue growth above 20% for the past six quarters and in excess of 30% prior to that.
  • Justice Department and a collection of state attorneys general accused Google of violating anti-monopoly law through exclusive agreements with phone makers and browser companies to make its search engine the default for consumers.

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