tl;dr
GitLab (GTLB) shares surged by over 13% after the company reported better-than-expected quarterly results and provided upbeat guidance for the upcoming period and the rest of fiscal 2024. The DevOps company, which competes with Microsoft's (MSFT) GitHub, anticipates adjusted earnings in the range o...
GitLab (GTLB) shares surged by over 13% after the company reported better-than-expected quarterly results and provided upbeat guidance for the upcoming period and the rest of fiscal 2024. The DevOps company, which competes with Microsoft's (MSFT) GitHub, anticipates adjusted earnings in the range of 8 to 9 cents per share for the fourth quarter, a significant improvement over the anticipated loss of 1 cent per share, excluding exceptional items. Sales projections for the same period align closely with the consensus estimate, falling between $157M and $158M. Furthermore, GitLab expects to achieve adjusted earnings of 12 to 13 cents per share for the full year, while forecasting sales to amount to $573M and $574M. Analysts, such as RBC Capital Markets' Matthew Hedberg, who has an outperform rating and a $62 price target on GitLab, lauded the company's strong report and continued adoption of its DevSecOps platform. In the third quarter, GitLab posted adjusted earnings of 9 cents per share, with revenue reaching $149.7M, and adjusted gross margins at an impressive 91%, surpassing analyst expectations for a loss of 1 cent per share on $141.7M in sales.
More about Gitlab Inc
Gitlab Inc. is a technology company that develops software for the software development life cycle. The company falls under the services-prepackaged software industry. With a market capitalization of 8117109000, the stock has shown a mixed performance with a decrease of -1.25 in the latest trading session. The stock has a 3.324% gain over the past month, but a -0.378% decrease over the last quarter. Market sentiment is neutral, with a trading volume of 502347000. The stock is currently trading at 59.82, showing a slight increase of 0.381. Given this data, the stock's performance seems to be unstable, and potential risks or uncertainties should be considered before making any investment decisions.
More about Microsoft Corporation
Microsoft Corporation is a leading American multinational technology company with a total revenue of $2,783,455,740,000. Its stock is currently trading at $36.22 with a 2.79% increase. The company has a Price/Earnings ratio of 10.34 and a Forward Price/Earnings ratio of 29.35, indicating potential growth. Market sentiment is positive with a Relative Strength Index (RSI) of 0.353, suggesting the stock is not overbought or oversold. However, the stock is currently trading below its 50-day moving average of $403.31, indicating a potential bearish trend. Investors should be cautious of potential downside risks and monitor the support and resistance levels for potential breakouts or reversals.
Disclaimer:
This is not financial advice. Please do your own research before investing in any asset.