GitLab down as workforce reduction, tech-layoff headwinds outweigh Q1 beat
BUZZ-GitLab down as workforce reduction, tech-layoff headwinds outweigh Q1 beat ** Shares of software development firm Gitlab GTLB.O down 6.1% at $29.87 premarket
** Co posts Q1 revenue of $264.15 mln, beating analyst estimates of $254.52 mln - data compiled by LSEG
** Co also announces 14% workforce reduction post-quarter
** Piper Sandler says in a note that headwinds from tech layoffs and potential disruption from workforce cuts outweigh the Q1 revenue beat, leading to lower 2H expectations
** Co also posts Q1 adjusted EPS of 23 cents, above estimates of 21 cents
** Co expects FY27 forecast of $1.112 bln to $1.118 bln, above prior forecast of $1.099 bln to $1.118 bln
** Eight out of 29 analysts rate stock "buy" or higher, 19 rate it "hold", two "sell" or lower; median PT at $31 - data compiled by LSEG
** As of last close, GTLB stock down 15.2% YTD
(Reporting by Tharuniyaa Lakshmi in Bengluru)