GitLab stock declines even as first results as public company top Street view

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After the DevOps software company’s first results as a public company and topping Wall Street’s expectations, GitLab Inc. shares pulled back in an extended session on Monday.

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gitlab gtlb,
+1.32%
Shares were down 5% after hours, closing at $89.16 after gaining 1.3% in the regular session. The shares closed up about 16% from the initial public offering price of $77 in mid-October.

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The company reported a third-quarter loss of $41.2 million, or 62 cents per share, compared to $28.6 million, or 57 cents per share, in the year-ago period. Adjusted loss, which excludes stock-based compensation expenses and other items, was 34 cents per share compared to 44 cents per share in the year-ago period.

Revenue increased to $42.2 million from $66.8 million in the year-ago quarter.

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Analysts polled by FactSet had forecast a loss of 48 cents per share on revenue of $59.3 million.

“Customers use GitLab for their most immediate needs and then expand use over time,” GitLab CEO Sid Sijbrandij said in a statement. “This enables them to rapidly modernize their software development to meet the demands of digital acceleration. As we look to the fourth quarter and fiscal year 2023, we see continued strong momentum toward our larger addressable market.” lets see. “

GitLab forecast a loss of 26 cents to 25 cents on revenue of $69.5 million to $70.5 million for the fourth quarter, and a loss of $1.43 to $1.42 per share on revenue of $244 million to $245 million for the year.

Analysts had forecast a loss of 27 cents per share on revenue of $63.9 million for the fourth quarter and $1.52 per share on revenue of $231.2 million for the year.

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