Why GitLab Stock Was Falling Hard This Week
As of Friday morning before market open, for the most part stocks weren't having a bad week. As always there were exceptions, however, and one of the unfortunate outliers was software development solutions provider GitLab (NASDAQ: GTLB).
On the back of a quarterly earnings report that disappointed the market, plus subsequent analyst price target cuts and even a recommendation downgrade, the company's share price sagged. As of early Friday morning, the stock had declined by more than 10% week to date, according to data compiled by S&P Global Market Intelligence.
This, despite the fact that GitLab actually posted healthy growth rates in its first quarter. Total revenue rose by almost 27% year over year to $214.5 million, while non-GAAP (adjusted) net income increased more than sixfold to $29.4 million. Both figures topped the average analyst estimates, although not spectacularly.
Source Fool.com
