Fortinet reported a strong first quarter for 2025, with revenue increasing 14% year-over-year to $1.54 billion and achieving a record first-quarter operating margin of 34%. Its Unified SASE billings grew 18%, representing 25% of its total business. HubSpot posted total revenue of $714.1 million for Q1 2025, up 16% on an as-reported basis and 18% in constant currency compared to the same period last year. Despite this growth, HubSpot reported a GAAP net loss of $21.8 million, or $0.42 per share, compared to a net income of $5.9 million in Q1 2024. The company’s adjusted earnings per share stood at $1.78, slightly above estimates, and its average subscription revenue per customer declined 4% year-over-year. HubSpot’s customer base grew 19% to over 258,000 globally, and the board authorized the company's first-ever share repurchase program. Cloudflare achieved revenue of $479.1 million in Q1 2025, marking a 20% year-over-year increase, with an operating profit of $56 million and an operating margin of 11.7%. The company reported a GAAP net loss of $38.5 million, slightly wider than the previous year's $35.5 million loss. Cloudflare's adjusted earnings per share beat estimates at $0.16, and its stock rose 10.5% pre-market following the earnings release and securing the largest contract in company history. Sweetgreen reported Q1 sales that beat estimates, but its stock declined over 5% pre-market. The company cited the impact of tariffs multiple times during its earnings call and reduced its full-year 2025 guidance, despite first-quarter results coming in above expectations. Same-store sales are expected to be flat to slightly positive, with revenue guidance revised downward. Some analysts and market observers expressed skepticism about the extent to which tariffs have affected Sweetgreen’s business.