GTLB - Down 73% Is This High-Flying Software Stock a Buy?
2023-03-28 05:50:00 ET
Nearly every software stock has gotten crushed over the past year, as slowing enterprise demand and recessionary fears eroded valuations in the high-priced sector.
Earlier this month, it was GitLab 's (NASDAQ: GTLB) turn. Shares of the DevOps platform dove 24% on March 14, after the company issued disappointing guidance in its fourth-quarter earnings report.
While the numbers for the fourth quarter were solid, with revenue up 58% to $122.9 million, management expects a sharp deceleration in growth in fiscal 2024, the current year, forecasting revenue of $529 million to $533 million, or an increase of just 25% at the midpoint.
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Down 73%, Is This High-Flying Software Stock a Buy?