5 Market Movers to Watch on Wednesday

3. GitLab Inc. (NASDAQ:GTLB)

Number of Hedge Fund Holders: 36

Shares of GitLab Inc. (NASDAQ:GTLB) turned green before the opening bell on Wednesday after the software solutions provider posted its fiscal second-quarter results above analysts’ expectations.

GitLab Inc. (NASDAQ:GTLB) reported an adjusted loss of 15 cents per share, compared to a loss of 49 cents per share in the year-ago period. Revenue for the quarter climbed 74 percent versus last year to $101 million. The results were better than analysts’ average estimate for a loss of 23 cents per share on revenue of $94.04 million.

Looking forward, GitLab Inc. (NASDAQ:GTLB) guided for an adjusted loss of 15 – 16 cents per share and revenue between $105 – $106 million for the current quarter. In addition, it projected an adjusted loss of 64 – 67 cents per share and revenue of $411 – $414 million for the full year.

Speaking on the results, CFO of GitLab Inc. (NASDAQ:GTLB), Brian Robins, said:

“We are pleased to have delivered another strong quarter. Q2 FY23 resulted in 74% year-over-year revenue growth and our largest number of new base customers added ever in a single quarter. We also added a substantial number of new team members, and continue to hire across the organization.”