Shares of GitLab (NASDAQ: GTLB) plunged 24% on Tuesday after the software development company's forecast fell short of investors' expectations.
GitLab's revenue surged 58% year over to $122.9 million in its fiscal 2023 fourth quarter ended Jan. 31, as the tech company saw solid demand for its software-building solutions.
"Now more than ever, it is critical for companies to show an immediate return on their software investments," CEO Sid Sijbrandij said in a press release. "With our DevSecOps platform, our customers are consolidating tools, reducing integration costs, increasing productivity, and accelerating their revenue by deploying their software faster."
Source Fool.com