Gitlab Gits Wrecked

Okay, the title is a little dramatic, given the slight after-hours drop, but it was too good not to use.

After the bell, Gitlab reported better-than-expected earnings and revenue for the current quarter. Additionally, it raised its next quarter and full-year revenue and earnings guidance, but investors are apparently still unhappy. 👎

Some analysts said the company’s outlook was too conservative for their liking, particularly given its strong execution.

So far, the stock is down a few percent after hours, so we’ll have to wait to see if that’s due primarily to the weak market environment or the company’s earnings report. 🤷

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Zuckerberg Has $Meta His Match

It’s been less than two weeks since Mark Zuckerberg reported that there was trouble in the Metaverse. After a nearly 80% decline over the last year, it looks like he’s finally met his match in angry shareholders.

Analysts and investors alike have not bought into the Metaverse vision. They’ve argued that the company needs to make significant cuts after allowing expenses to balloon 19% YoY to $22.1 billion. Especially as its core business continues to slow and the macro environment weakens further.

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All Good In The $HOOD

Speaking of beaten-down growth stocks, Robinhood reported earnings today! 📝

The company’s diluted earnings per share of ($0.20) beat expectations of ($0.27), while revenues of $361 million beat expectations of $357.7 million. The brokerage’s net interest revenue drove the results, rising 73% to $128 million due to rising interest rates.

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