By Earnings Results: GitLab stock rallies more than 10% on strong results, outlook
GitLab Inc. shares rallied in the extended session Monday after the DevOps software company’s quarterly results and outlook topped Wall Street estimates.
GitLab
GTLB,
-6.76%
shares surged more than 10% after hours, following a 6.8% fall in the regular session to close at $33.10.
The company reported a fourth-quarter loss of $45.8 million, or 32 cents a share, compared with a loss of $120 million, or $2.31 a share, in the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and other items, was 16 cents a share, compared with 46 cents a share in the year-ago period.
Revenue rose to $77.8 million from $46.1 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast a loss of 25 cents a share on revenue of $70.3 million.
GitLab forecast an adjusted loss of 28 cents to 27 cents a share on revenue of $77 million to $78 million for the first quarter, and an adjusted loss of $1.02 to 97 cents a share on revenue of $385.5 million to $390.5 million for the year.
Analysts had estimated a loss of 30 cents a share on revenue of $72.8 million for the first quarter, and a loss of $1.04 a share on revenue of $336.6 million for the year.
GitLab went public in mid-October with shares pricing at $77 apiece.
