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GitLab shares opened 20% up on Tuesday: here’s the catalyst

GitLab Inc (NASDAQ: GTLB) shares opened nearly 20% up on Tuesday after the software company reported solid results for its fiscal Q4 and gave upbeat guidance for the future.

Key takeaways from GitLab Q4 earnings report

Net loss printed at $45.8 million versus the year-ago figure of $120 million.
On a per-share basis, GitLab lost 32 cents a share, down from $2.31 a share last year.
Adjusted loss narrowed to 16 cents a share in Q4 from 46 cents a share.
Revenue jumped from $46.1 million to $77.8 million, as per the earnings press release.
FactSet consensus was for 25 cents of per-share loss on $70.3 million in revenue.

Also on Tuesday, KeyCorp slashed its price target on GitLab from $115 to $50. GitLab shares are still down nearly 50% from their IPO price of $77 in mid-October 2021.

What GitLab expects moving forward

For the current quarter, GitLab forecasts roughly $78 million in revenue on 28 cents of adjusted per-share loss. This compares to analysts at $72.8 million in revenue and 30 cents a share of loss.

The California-based company’s full-year guidance also handily topped analysts’ estimates. In the earnings press release, CFO Brian Robins said:

As we look forward to fiscal year 2023 and beyond, we believe we are addressing a large and early-stage market opportunity, and we remain focused on executing to drive sustainable growth and improving profitability over the long-term.

The post GitLab shares opened 20% up on Tuesday: here’s the catalyst appeared first on Invezz.

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