Shares of software development, security, and operations (DevSecOps) company GitLab (NASDAQ: GTLB) just tanked over 30% following its latest earnings report. Meanwhile, the Nasdaq Composite index has rallied over 8% so far in 2023, showing signs that maybe, just maybe, a new bull market is coming. GitLab stock seems to have missed the memo.  

The problem had less to do with the last quarter's financials and more to do with a not-so-good outlook. GitLab's rapid expansion is beginning to slow, and it's still far from profitable. It's a combination that has plagued many tech stocks in the past year, and a problem that this company can't quite seem to shake. Let's dive in.

GitLab saw revenue increase 68% to $424 million during its fiscal 2023 (covering the 12 months ended January 2023) -- and that included a 58% year-over-year increase in Q4. Clearly, the company's platform approach to DevSecOps (including a repository for software code, collaborative tools for building software, analytics and compliance, etc.) is still winning over new customers and and a greater share of projects. (Microsoft's GitHub is a key competitor in the software space for DevSecOps.)  

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Source Fool.com