GitLab shares fall nearly 3% after naming chief revenue officer, reiterating revenue guidance

Shares of GitLab Inc.
GTLB,
+1.83%
tumbled nearly 3% in extended trading Tuesday after the AI company named former Microsoft Corp.
MSFT,
+3.98%
executive Chris Weber as chief revenue officer and confirmed fiscal second-quarter and annual sales guidance. Weber was appointed to lead GitLab’s “next phase of growth,” the company said in a statement. GitLab expects Q2 revenue of between $129 million and $130 million when it reports results after markets close Sept. 5. The company is forecasting $541 million to $543 million in annual sales. Both estimates are in line with what analysts on FactSet are predicting.