GTLB - Why GitLab Stock Sank 7% Today
On a day in which the stock market is rallying on early reports that the omicron variant of the coronavirus might be less severe than feared, recent initial public offering ( IPO ) stock GitLab (NASDAQ: GTLB) is falling 7% as of 3:10 p.m. ET. This comes in spite of a solid earnings update, the first since the company became a publicly traded stock.
As for the quarterly numbers for the third quarter of fiscal 2022 (the three months ended Oct. 31), they were quite good. Revenue was up 58% year over year to $66.8 million, and the number of customers spending at least $100,000 per year on GitLab's software development platform increased 73% from a year ago to 427. The outlook for the fourth quarter was solid as well, calling for another sequential sales increase to at least $69.5 million.
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Why GitLab Stock Sank 7% Today