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GitLab stock plunges even with first results as public company tops Street View

Shares of GitLab Inc. rose again in extended trading Monday after the DevOps software company had its first results as a public company and a top outlook on Wall Street.

GitLab
GTLB,
+ 1.32%

shares fell 5% after a few hours, after gaining 1.3% in the regular session, to close at $89.16. Stocks closed up nearly 16% vs initial public offering price of $77 mid-October.

The company reported a third-quarter loss of $41.2 million, or 62 cents a share, compared with $28.6 million, or 57 cents a share, in the same period a year earlier. Adjusted loss, excluding stock-based compensation and other expenses, was 34 cents a share, compared with 44 cents a share in the same period last year.

Revenue increased from $66.8 million to $42.2 million last quarter.

Analysts surveyed by FactSet had forecast a loss of 48 cents a share on revenue of $59.3 million.

“Customers use GitLab for their most immediate needs and then expand their use over time,” Sid Sijbrandij, GitLab chief executive officer, said in a statement. “This allows them to rapidly modernize their software development to meet the needs of digital acceleration. As we look to Q4 and FY 2023, we see continued strong momentum towards our large addressable market. ”

GitLab forecasts a loss of 26 cents to 25 cents a share on revenue of $69.5 million to $70.5 million in the fourth quarter and $1.43 to $1.42 per share on revenue from 244 million to 245 million US dollars for the year.

Analysts had estimated a loss of 27 cents a share on revenue of $63.9 million for the fourth quarter and $1.52 a share on revenue of $231.2 million for the year.

https://www.marketwatch.com/story/gitlab-stock-declines-even-as-first-results-as-public-company-top-street-view-11638826740?rss=1&siteid=rss GitLab stock plunges even with first results as public company tops Street View

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