GitLab Set to Announce Q1 Earnings on June 2nd
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
0mins
Source: seekingalpha
- Earnings Announcement Date: GitLab is set to release its Q1 earnings on June 2nd after market close, with a consensus EPS estimate of $0.20, reflecting a 17.6% year-over-year growth, indicating the company's ongoing potential for profitability.
- Revenue Expectations: Analysts anticipate GitLab's Q1 revenue to reach $254.52 million, representing an 18.7% year-over-year increase, which underscores the company's robust performance and sustained customer demand in the market.
- Historical Performance: Over the past two years, GitLab has beaten both EPS and revenue estimates 100% of the time, demonstrating strong execution and market adaptability, which enhances investor confidence.
- Estimate Revision Dynamics: Despite experiencing 7 upward revisions and 13 downward revisions in EPS estimates over the last three months, revenue estimates saw 2 upward and 22 downward revisions, indicating mixed market sentiment regarding the company's future growth.
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Analyst Views on GTLB
Wall Street analysts forecast GTLB stock price to rise
24 Analyst Rating
13 Buy
10 Hold
1 Sell
Moderate Buy
Current: 30.930
Low
34.00
Averages
50.86
High
72.00
Current: 30.930
Low
34.00
Averages
50.86
High
72.00
About GTLB
GitLab Inc. provides DevSecOps Platform, is built on a single codebase, unified data model, and user interface. The Company offers customers flexible deployment options, including a self-managed offering, as well as multi-tenant and single-tenant (GitLab Dedicated) software-as-a-service (SaaS) solutions. It offers the DevSecOps Platform in three different subscription tiers, namely Free, Premium and Ultimate. The DevSecOps Platform enables its customers to move their DevOps workflow across any hybrid or multi-cloud environment. Its subscription plans are available as a self-managed offering that customers download to run in their own on-premises environment or hybrid cloud environments, and also a SaaS offering, which is offered as either multi-tenant or single-tenant (called GitLab Dedicated). The Company also provides related training and professional services. Its SaaS products provide access to hosted software as well as support.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Customer Base Expansion: The number of customers paying over $100,000 annually rose to 1,519, an 18% increase year-over-year, which not only reflects enhanced market acceptance of the company's offerings but also lays a solid foundation for future revenue growth.
- Annual Recurring Revenue: GitLab Dedicated achieved $70 million in Annual Recurring Revenue (ARR), demonstrating its appeal among enterprise clients, particularly in the context of expanding AI strategies that are expected to further drive revenue growth.
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- GitLab Layoffs: GitLab announced a workforce reduction of approximately 14% and an exit from 22 countries, signaling that enterprise clients are still managing costs tightly even amidst a broader market recovery, reflecting direct pressure from higher rates and geopolitical uncertainty on spending.
- Market Overreaction: The stock market's reaction to news has been overly severe, and while significant price drops can present good buying opportunities for high-quality stocks, overall market sentiment remains influenced by macroeconomic factors.
- Rumble Stock Volatility: Rumble's shares have experienced over 50 moves greater than 5% in the past year; despite today's decline, the market does not seem to alter its fundamental perception of the business, with a year-to-date increase of 32.4%, yet still trading 15.8% below its 52-week high.
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- Macro Economic Pressure: The combination of rising oil prices, increasing Treasury yields, and shifting rate expectations has tightened the macro backdrop for corporate clients, leading to declines in multiple stocks during the afternoon session, indicating market concerns about economic outlook.
- Employment Data Impact: The ADP report revealed 122,000 jobs added in May, surpassing the 110,000 consensus, and while the labor market remains robust, it has heightened rate hike expectations, diminishing the likelihood of relief that companies had anticipated.
- GitLab Layoffs: GitLab announced a workforce reduction of approximately 14% and an exit from 22 countries, signaling that enterprise clients continue to manage costs tightly even amid a broader market recovery, reflecting a direct impact of insufficient corporate confidence.
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- Oil Price Surge: WTI crude oil prices rose over 2% to a 1.5-week high following the US interception of Iranian missiles and drones, heightening concerns about Middle Eastern stability and potentially affecting global supply chains and inflation expectations.
- Strong Employment Data: The US May ADP employment change increased by 122,000, surpassing expectations of 120,000, signaling signs of economic recovery that could support the stock market, although overall market performance remains influenced by other factors.
- Divergent Tech Stock Performance: While Marvell Technology rose over 3%, software and cybersecurity stocks faced significant declines, with Datadog and IBM dropping more than 6%, reflecting a lack of confidence in the tech sector despite some positive developments.
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- Rising Oil Prices: The WTI crude oil price surged over 1% to a 1.5-week high amid US-Iran clashes, which could further elevate inflation expectations and impact Federal Reserve monetary policy decisions.
- Strong Employment Data: The US May ADP employment change rose by 122,000, exceeding expectations of 120,000, indicating signs of economic recovery that may support the stock market, although the overall market remains weighed down by declines in software and cybersecurity stocks.
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