Tech Written by: Emily Jarvie 11:24 Wed 03 Jun 2026 --> Edited by: Angela Harmantas Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The Canberra Times, and... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. GitLab shares fall on workforce reduction plan as Q1 results top estimates Published: 11:24 03 Jun 2026 EDT GitLab (NASDAQ:GTLB) reported first quarter financial results that exceeded Wall Street expectations for revenue and earnings, but shares fell about 4% after the company announced a restructuring plan that includes workforce reductions and a smaller geographic footprint. Alongside its earnings release, GitLab disclosed a restructuring initiative aimed at aligning its operating structure with strategic priorities. The company plans to reduce its full-time workforce by approximately 14%, affecting about 350 employees, and exit 22 countries, reducing its geographic team footprint by roughly 37%. GitLab expects to incur between $30 million and $35 million in pre-tax restructuring charges, primarily related to severance, employee termination benefits, and retention costs. About $19 million of those charges are expected to be recognized in the second quarter of fiscal 2027, with most of the remaining costs recorded over the following three quarters. The company expects the plan to be substantially completed by the end of fiscal 2027. For the quarter ended April 30, 2026, GitLab reported revenue of $264.2 million, up 23% from $214.5 million a year earlier and ahead of analysts' consensus estimate of $254.2 million. Adjusted earnings were $0.23 per diluted share, topping expectations of $0.20 per share. Among other operating metrics, customers generating more than $100,000 in annual recurring revenue (ARR) increased 18% year-over-year to 1,519, while customers with more than $5,000 in ARR rose 7% to 10,831. The company's dollar-based net retention rate was 117%. GitLab reported total remaining performance obligations (RPO) of $1.1 billion, up 18% from a year earlier, while current RPO increased 24% to $724.1 million. GitLab CEO Bill Staples said the company is benefiting from growing demand driven by artificial intelligence and automation. "The agentic era is creating structural tailwinds for GitLab, and Q1 showed it clearly with accelerating platform activity and promising traction from GitLab Duo Agent Platform," Staples said in a statement. Continue reading