GitLab Stock Tumbles 21% on Weak Earnings Guidance

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GitLab Stock Tumbles 21% on Weak Earnings Guidance

Dow Jones03-05

GitLab Inc.’s stock dropped 20.8% in after-hours trading Monday after the company posted quarterly results that topped analysts’ estimates but issued weak guidance.

GitLab reported a fiscal fourth-quarter net loss of $37.6 million, or 23 cents a share, compared with a net loss of $42.1 million, or 26 cents a share, in the same quarter a year ago. Adjusted earnings were 15 cents a share.

Revenue climbed 33% to $163.8 million from $122.9 million in the year-ago quarter.

Analysts surveyed by FactSet had expected on average net income of 8 cents a share on revenue of $157.9 million.

GitLab projected full-year adjusted earnings of 19 cents a share to 23 cents a share, while FactSet analysts are forecasting 35 cents a share.

In a conference call with analysts, GitLab Chief Financial Officer Brian Robins chalked up conservative guidance to churn and contraction among customers.

Shares of GitLab have soared 45% this year, while the broader S&P 500 index has increased 27%.

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