14.03.2022 22:07:48

GitLab Q4 Results Beat Street View, Outlook Strong; Shares Up 12%

(RTTNews) - Shares of GitLab Inc. (GTLB) gained over 12% in extended session on Monday after the software company reported a fourth-quarter loss that was narrower than Wall Street estimates. The company also issued an outlook for the first quarter and full year 2023, which is above current estimates.

Fourth-quarter net loss narrowed to $45.8 million or $0.32 per share from $120.0 million or $2.31 per share last year.

On an adjusted basis, net loss was $23.2 million or $0.16 per share, compared to $24.0 million or $0.46 per share last year. Analysts polled by Thomson Reuters estimated a loss of $0.25 per share for the quarter.

Revenues for the quarter surged 69% to $77.8 million from $46.1 million last year. Analysts had a consensus revenue estimate of $70.29 million for the quarter.

The company said customers with more than $5,000 of ARR increased to 4,593, up 67% from last year, while customers with more than $100,000 of ARR increased to 492, up 74% from a year ago.

"We are seeing continued strong momentum for customers adopting our DevOps platform, as revenue increased 69% year-over-year," said Sid Sijbrandij, GitLab CEO. "This growth was broad-based, driven by strong customer additions across all company sizes.

Looking forward to the first quarter, the company expects revenues of $77.0 million to $78.0 million and adjusted loss of $0.28 to $0.27 per share. Analysts currently estimate a loss of $0.30 per share and revenues of $72.75 million.

For the full year 2023, the company expects revenues of $385.5 million to $390.5 million and adjusted loss of $1.02 to $0.97 per share. Analysts currently estimate loss of $1.04 per share and revenues of $336.64 million.

GTLB closed Monday's trading at $33.10, down $2.40 or 6.76%, on the Nasdaq. The stock, however, gained $4.25 or 12.84%, in the after-hours trading.

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