1 High-Growth Cloud Stock That's Beating the Macro Headwinds
You don't have to look hard to find trouble in the cloud software sector these days. Nearly every software-as-a-service (SaaS) stock is down substantially from its peak last year, and many industry executives have said they are starting to see macro headwinds such as slowing growth and lengthening sales cycles (the time it takes to close a deal with a customer).
Despite those headwinds, one high-flying cloud stock breezed past its latest test in its second-quarter earnings report, beating estimates on the top and bottom lines. I'm talking about GitLab (NASDAQ: GTLB), a provider of a unified DevOps platform, helping its customers deploy software more quickly and efficiently, and with a better return on investment (ROI).
GitLab's revenue in the quarter jumped 74% to $101 million, ahead of estimates at $94 million. Margins improved as well -- its adjusted net loss narrowed from $26.1 million to $21.5 million, and it posted an adjusted loss per share of $0.15, better than analysts' expectations at $0.23.
Source Fool.com
