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  4. Analysts Impressed by GitLab's 'Strong Beat and Raise' Results
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Analysts Impressed by GitLab's 'Strong Beat and Raise' Results

By Senad Karaahmetovic  GitLab (NASDAQ:GTLB) delivered "strong" Q2 results and offered an upbeat forecast, Wall Street analysts said. GitLab reported a Q2 loss per share of $0.15,...
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Analysts Impressed by GitLab's 'Strong Beat and Raise' Results © Reuters. Analysts Impressed by GitLab's 'Strong Beat and Raise' Results

By Senad Karaahmetovic 

GitLab (NASDAQ:GTLB) delivered "strong" Q2 results and offered an upbeat forecast, Wall Street analysts said.

GitLab reported a Q2 loss per share of $0.15, better than the average analyst estimate of a loss per share of $0.23. Revenue for the quarter came in at $101 million versus the consensus estimate of $94.44 million.

For the current quarter, the company forecasts a loss per share between $0.16 and $0.15 on revenue of $105 million to $106 million. This compares with the consensus of a loss per share of $0.25 on revenue of $103.41 million.

Looking at the full-year projections, GTLB sees a loss per share ranging from $0.67 to $0.64 while the analysts were expecting a much bigger FY loss per share of $0.89. Revenue also came in better than the average analyst estimate.

A Truist Securities analyst said the results delivered by GitLab didn’t reflect a difficult macro environment.

"The quarter showcased the company's balanced growth drivers from a record number of new customers, to large expansion deals and over 100% growth in their Ultimate tier. We continue to believe that the company can provide upside to market expectations," the analyst said in a client note.

A Piper Sandler analyst also reiterated a positive stance on GTLB shares after “strong” results.

"The company's unified DevOps platform is clearly being prioritized in the current environment, driving spend with new and existing customers and muting macro impacts. With guidance increased again for the back half and strong momentum across the business, we continue to believe GTLB has a long runway as a leading DevOps platform player," the analyst wrote in a note.

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01-05-2024 10:45:17 (UTC+7)

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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