GitLab Soars on Q4 Revenue Beat, Narrower Loss
By Dhirendra Tripathi
Investing.com – GitLab Inc. (NASDAQ:GTLB) stock surged 14% in premarket Tuesday after the code-sharing firm’s fourth quarter revenue beat estimates and adjusted loss came in narrower than expected.
Guidance for the current year also boosted the shares.
“We believe these results demonstrate that the market is moving from DIY DevOps composed of different tools to a DevOps Platform. This shift enables organizations to accelerate the time-to-market of their most important software and applications, providing them with a distinct competitive advantage,” CEO Sid Sijbrandij said in a statement.
GitLab’s DevOps platform allows users to work on codes, package them, releasing and monitoring them. The company makes money from its premium products, chargeable on a ‘per user per month’ basis.
Fourth-quarter revenue was up 69% at $78 million as the company signed up new customers and upgraded existing ones which included Deutsche Telekom (OTC:DTEGY), the US Army, and Travis Perkins (LON:TPK). Adjusted gross margin improved by a percentage point.
Adjusted loss per share was 16 cents, almost a third of its year-ago level.
In the current year, the company expects revenue to be at least $385.5 million, up around 53%. It could touch $390.5 million as well, according to the company’s estimated range.
Revenue in the current quarter is seen between $77 million and $78 million.
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