HubSpot Stock Dips: What's Going On?

HubSpot Inc (NYSE: HUBS ) shares are trading lower Tuesday. The company announced a 7% workforce reduction and affirmed its third-quarter guidance. Here’s what you need to know. HubSpot stock is trading near recent lows. Where is HUBS stock headed? HubSpot Affirms Q3 Outlook HubSpot reaffirmed its adjusted earnings outlook for the third quarter on Tuesday at $3.25 to $3.27 per share. Analysts expect $3.27, the top of that range. On revenue, the company affirmed expectations for $924 million to $925 million versus the analyst consensus estimate of $924.61 million. The guidance update comes after the company said its board authorized a plan to eliminate certain roles, resulting in an approximate 7% workforce reduction. HubSpot estimates that it will incur charges of approximately $65 million to $75 million in connection with the plan. HUBS Shares Are Falling HUBS Price Action: HubSpot shares were down 0.32% at $219.90 at the time of publication on Tuesday, according to Pro. HubSpot stock is down nearly 53% over the past 12 months and is trading 10.5% below its 200-day SMA ($244.78), a common marker institutions use to define long-term trend. It’s also below its 50-day SMA ($230.92) a