GitLab Inc. shares plummeted in the extended session Monday after the DevOps software company’s revenue forecast fell short of the Wall Street consensus.
shares dropped more than 30% after hours, following a 0.6% gain in the regular session to close at $44.60.
The company forecast an adjusted first-quarter loss of 15 cents to 14 cents a share on revenue of $117 million to $118 million, and an adjusted loss of 29 cents to 24 cents a share on revenue of $529 million to $533 million for the year.
Analysts surveyed by FactSet had estimated a loss of 16 cents a share on revenue of $126.2 million for the fourth quarter, and a loss of 53 cents a share on revenue of $586.5 million for the year.
The company reported a fourth-quarter loss of $38.7 million, or 26 cents a share, compared with a loss of $45.8 million, or 32 cents a share, in the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and other items, was 3 cents a share, compared with 16 cents a share in the year-ago period.
Revenue rose to $122.9 million from $77.8 million in the year-ago quarter.
Analysts had forecast a loss of 14 cents a share on revenue of $119.6 million.
Last quarter, GitLab shares had rallied after the company’s quarterly results and forecast surpassed Wall Street expectations at the time.
GitLab went public in October 2021, with shares pricing at $77 apiece.