GitLab loses one-third of its value after software company issues weak revenue forecast

In Technology


People celebrate the Gitlab IPO at the Nasdaq, October 14, 2021.

Source: Nasdaq

GitLab shares plunged as much as 38% in extended trading after the provider of source code management software gave full-year revenue guidance that fell short of expectations.

Here’s how the company did:

  • Earnings: Loss of 3 cents per share, adjusted, vs. loss of 14 cents per share as expected by analysts, according to Refinitiv.
  • Revenue: $122.9 million, vs. $119.6 million as expected by analysts, according to Refinitiv.

Revenue increased 58% year over year in the quarter that ended Jan. 31, according to a statement.

GitLab called for a fiscal first-quarter adjusted loss of 14 cents to 15 cents per share on $117 million to $118 million in revenue. Analysts surveyed by Refinitiv had expected an adjusted loss of 16 cents per share and revenue of $126.2 million.

For the 2024 fiscal year, the company sees an adjusted loss of 24 cents to 29 cents per share and $529 million to $533 million in revenue. That works out to 25% growth at the middle of the 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 said that in April its premium service tier will go up to $29 per month from $19. GitLab said last month that it was cutting 130 employees, or about 7% of its workforce.

The company’s shares debuted on Nasdaq in 2021, when revenue growth was at 69%. Last year, the stock fell 48% as investors rotated out of money-losing tech companies. Prior to the after-hours drop, the stock was down close to 2% in 2023.

WATCH: We’re very happy with our ability to hire and who we were able to hire, says GitLab CEO

We're very happy with our ability to hire and who we were able to hire, says Gitlab CEO



Read More: GitLab loses one-third of its value after software company issues weak revenue forecast

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