Why GitLab Stock Sank 7% Today
On a day in which the stock market is rallying on early reports that the omicron variant of the coronavirus might be less severe than feared, recent initial public offering (IPO) stock GitLab (NASDAQ: GTLB) is falling 7% as of 3:10 p.m. ET. This comes in spite of a solid earnings update, the first since the company became a publicly traded stock.
As for the quarterly numbers for the third quarter of fiscal 2022 (the three months ended Oct. 31), they were quite good. Revenue was up 58% year over year to $66.8 million, and the number of customers spending at least $100,000 per year on GitLab's software development platform increased 73% from a year ago to 427. The outlook for the fourth quarter was solid as well, calling for another sequential sales increase to at least $69.5 million.
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Source Fool.com
