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 Benzinga 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) and 20-day SMA ($221.20), while sitting 1.4% above the 100-day SMA ($216.23).

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