HubSpot shares tumbled 14.28% in after-hours trading on Wednesday, following the release of the company’s second-quarter earnings report. The sharp selloff echoes a similar pattern from the prior quarter, when the stock plunged 24% in a single session after issuing revenue guidance that fell short of expectations.

While HubSpot reported Q2 revenue of $911.74 million, surpassing the consensus estimate of $898.3 million, the market remained deeply skeptical about the company’s growth trajectory. The ongoing business transformation toward an agent-first go-to-market strategy has introduced significant execution risk, according to Bank of America, fueling disagreement over the sustainability of HubSpot’s expansion.

Adding to the bearish sentiment, Wells Fargo downgraded the stock to equalweight in July and slashed its price target from $300 to $225, reflecting growing caution among institutional analysts. The combination of transformation uncertainty and tempered analyst outlooks triggered the latest selloff, despite the headline revenue beat.