GitLab Inc. (GTLB) gained in the after-hours market after announcing its fourth quarter and fiscal 2022 results. GTLB values at $35.92, losing more than 8.52% compared to yesterday’s closing price. The stock closed at $35.50 at the end of the last trading session. The stock volume traded in the previous trading session was around 938.01K shares. The current market cap of the company is about $4.79 billion.
GTLB: Q4 and Fiscal 2021 Key Financials
- GitLab’s revenue in Q4 2022 was $77.8 million. It is an increase of more than 69% compared to the revenue of $46.1 million in Q4 2021.
- Fiscal 2022 revenue was $252.7 million, 66% more than the revenue of $152.2 million in fiscal 2021.
- The company’s net loss in Q4 2022 was around $45.8 million, less than compared to the net loss of $120 million in Q4 2021.
- GTLB’s net loss in fiscal 2022 was around $155.1 million, and profitability improved compared to the net loss of $192.2 million in fiscal 2021.
- The Q4 2022 loss per share was $0.32, compared to a net loss of $2.31 in Q4 2021.
- For fiscal 2022, the loss per share was $1.95, compared to $3.82 in fiscal 2021.
GTLB CEO’s Remarks
Sid Sijbrandij, CEO of GitLab, stated that revenue climbed 69 percent year-over-year due to clients embracing our DevOps platform. Customers of all sizes joined in on the boom. It looks like the market is moving from DIY DevOps, which is made up of different tools, to a DevOps Platform. Thus, firms can gain a distinct competitive edge by reducing the time to market for their critical software and applications.
GTLB: 2023 Outlook
For the first quarter of 2023, the company anticipates revenue in between $77 to $78 million and net loss per share in Q1 will be around $0.28 to $0.27. The company’s fiscal 2023 revenue estimation is around $385.5 million to $390.5 million. Its net loss per share in fiscal 2023 will be between $1.02 and $0.97.
Conclusion
The revenue of the company saw a significant gain. Throughout the long run, the company expects to remain focused on executing to create sustainable growth and profitability gains.
