Inbound marketing specialist HubSpot (NYSE:HUBS) recently reported its first quarter results, which outpaced market expectations. However, the grim outlook of the economy is doing little for its outlook. It lowered its revenue and earnings expectations for the rest of the year from earlier forecast and missed analysts' forecast.

HubSpot's Financials

HubSpot's first quarter revenues grew 31% to $199 million, ahead of the Street's forecast of $190 million. Non-GAAP EPS of $0.35 beat the market's expectations by 52% and grew 3% over the year.

By segment, subscription revenues grew 33% to $191.2 million, and Professional services and other revenues grew 2% to $7.7 million.

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