GTLB - Gitlab down 34% on soft 2023 revenue forecast despite quarterly beats

2023-03-13 17:53:33 ET

• Despite posting Q4 fiscal 2023 results that beat on the top and bottom lines, Gitlab ( NASDAQ: GTLB ) is down more than 34% post-market trading as its fiscal 2024 revenue outlook came in below consensus.
• The company is projecting revenue of $529M-$533M, while consensus is $587.63M.
• However, the fiscal 2024 non-GAAP estimated loss of -$0.29 to -$0.24 per share came in better than the consensus of -$0.52.
• In Q4 fiscal 2023 (ended Jan. 31, 2023), Gitlab ( GTLB ) saw its net loss narrow ~10% to $42.1M.
• The company was helped in the quarter by a 58% year-over-year increase in revenue ~$122.9M .
• Gitlab ended the quarter with cash and cash equivalents of $295.4M, a ~67% decline from the prior-year period.
• Read why Seeking Alpha contributor The Software Side of Life calls Gitlab ( GTLB ) a buy.

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