GitLab (GTLB) result Q4 2023

People celebrate Gitlab’s IPO on Nasdaq, October 14, 2021.

Source: Nasdaq

GitLab Shares plunged as much as 38% in extended trading after the source control software maker issued full-year sales guidance that fell short of expectations.

Here’s how the company did it:

  • Merits: Loss of 3 cents per share on an adjusted basis versus loss of 14 cents per share as expected by analysts, according to Refinitiv.
  • Revenue: $122.9 million versus $119.6 million expected by analysts, according to Refinitiv.

Revenue for the quarter ended Jan. 31 grew 58% year over year, according to a opinion.

GitLab was claiming an adjusted loss of 14 to 15 cents per share on revenue of $117 to $118 million for the first quarter. Analysts polled by Refinitiv had expected an adjusted loss of 16 cents a share on revenue of $126.2 million.

For fiscal 2024, the company expects an adjusted loss of 24 to 29 cents a share on revenue of $529 to $533 million. That’s a 25% growth in the mid-range. The consensus among analysts polled by Refinitiv was an adjusted loss of 54 cents per share and $586.4 million in revenue.

During the quarter, Gitlab announced that its premium service tier will increase from $19 to $29 per month in April. GitLab said last month it would cut 130 employees, or about 7% of its workforce.

The company’s shares debuted on the Nasdaq in 2021, when sales growth was 69%. Over the past year, the stock has fallen 48% as investors fled loss-making tech companies. Before the after-hours decline, the stock was down almost 2% in 2023.

REGARD: We’re very happy with our hiring ability and the people we’ve been able to hire, says GitLab’s CEO

We are very happy with our ability to hire and who we were able to hire, says Gitlab's CEO GitLab (GTLB) result Q4 2023

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