GitLab posted 58% revenue growth in the latest quarter, but its guidance for fiscal 2024 missed analysts' estimates.
shares plunged as much as 38% in extended trading after the provider of source code management software gave full-year revenue guidance that fell short of expectations.Loss of 3 cents per share, adjusted, vs. loss of 14 cents per share as expected by analysts, according to Refinitiv.Revenue increased 58% year over year in the quarter that ended Jan.
For the 2024 fiscal year, the company sees an adjusted loss of 24 cents to 29 cents per share and $529 million to $533 million in revenue. That works out to 25% growth at the middle of the range. The consensus among analysts polled by Refinitiv was an adjusted loss of 54 cents per share and $586.4 million in revenue.
During the quarter Gitlab said that in April its premium service tier will go up to $29 per month from $19. GitLabin 2021, when revenue growth was at 69%. Last year, the stock fell 48% as investors rotated out of money-losing tech companies. Prior to the after-hours drop, the stock was down close to 2% in 2023.
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