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Google Parent Alphabet Reportedly Advancing Talks To Buy HubSpot as Earnings Top Estimates [Video]

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Digital Marketing

Talks for Google parent Alphabet (GOOGL) to acquire HubSpot (HUBS) are reportedly advancing, with the latest news coming as the marketing software provider’s results for the first quarter beat estimates.

Bloomberg cited people familiar with the matter that discussions between Alphabet and HupSpot are making progress, but that no agreement has been reached yet.

Last month, Reuters said Alphabet was meeting with Morgan Stanley (MS) investment bankers about making a bid. It noted that if a deal goes through, it would be Alphabet’s biggest acquisition ever.

Thursday’s news came as HubSpot reported first-quarter diluted earnings per share of 12 cents. Analysts had been anticipating a loss. Revenue increased 23.1% year-over-year to $617.4 million, better than expected.

HubSpot pointed to demand for artificial intelligence (AI) products for its strong performance. CEO Yamini Rangan said that even though the macroenvironment remains challenging, “the pace of innovation has accelerated in our industry with AI.”

HubSpot shares wavered between gains …

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