Gitlab Inc (NASDAQ:GTLB) stock plunges 28.40% (As on March 19, 12:15:31 AM UTC-4, Source: Google Finance) after the company reported narrower losses and better-than-expected revenue in the fiscal fourth quarter, but its top-line projection for fiscal 2024 was weak. During the quarter Gitlab said that in April its premium service tier will go up to $29 per month from $19. GitLab said last month that it was cutting 130 employees, or about 7% of its workforce. Customers with more than $100,000 of ARR increased to 697, up 42% from Q4 of fiscal year 2022. Customers with more than $1 million of ARR increased to 63, up 62% from Q4 of fiscal year 2022. Dollar-Based Net Retention Rate was 133% in Q4 of fiscal year 2023.

Further, the company announced the limited availability of GitLab Dedicated, a single-tenant SaaS solution for organizations in highly regulated industries and have complex compliance and security requirements. The company announced beta availability of Value Streams Dashboard, a new way for all DevSecOps stakeholders to have visibility into value stream metrics. The company Announced beta availability of GitLab Remote Development, enabling organizations to let developers establish an environment that best suits their needs, including where, when, and how they prefer to work. The company announced GitLab Premium price increase from $19 to $29 per user per month effective April 3, 2023.

GTLB in the fourth quarter of FY 22 has reported the adjusted loss per share of 3 cents, beating the analysts’ estimates for the adjusted loss per share of 14 cents, according to Refinitiv. The company had reported the adjusted revenue growth of 58 percent to $122.9 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $119.6 million.

GitLab called for a fiscal first-quarter adjusted loss of 14 cents to 15 cents per share on $117 million to $118 million in revenue. Analysts surveyed by Refinitiv had expected an adjusted loss of 16 cents per share and revenue of $126.2 million.

For the 2024 fiscal year, the company sees an adjusted loss of 24 cents to 29 cents per share and $529 million to $533 million in revenue. That works out to 25% growth at the middle of the range. The consensus among analysts polled by Refinitiv was an adjusted loss of 54 cents per share and $586.4 million in revenue.