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Down 68%, This Hypergrowth Software Stock Looks Ready for a Comeback

TheMotleyFool

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Down 68%, This Hypergrowth Software Stock Looks Ready for a Comeback: https://g.foolcdn.com/editorial/images/712189/cloud-computing-microchip-technology.jpg

Software stocks have gotten slammed this year as a combination of inflated valuations, slowing growth, and fears of a recession have torpedoed the high-growth sector.

While some cloud stocks have seen growth significantly decelerate, the sell-off has created a buying opportunity in others. GitLab (NASDAQ: GTLB) looks like one of them.

The provider of a cloud-based DevOps platform just posted 69% revenue growth to $113 million in its third-quarter earnings report, beating analyst estimates at $106 million. While the company is still operating at a loss, its margins are improving, and its adjusted loss per share of $0.10 topped the consensus at $0.15.

Source Fool.com

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