GitLab Inc. (GTLB) shares plummeted 14.64% in pre-market trading Wednesday, reflecting investor disappointment after the company reported a surprise GAAP loss in its third-quarter earnings despite revenue growth.

The software-development tools provider swung to a loss of $8.3 million, or 5 cents per share, compared to a profit of $29.1 million a year earlier. While adjusted earnings and revenue topped estimates, investors focused on the unexpected loss, conservative Q4 guidance, and ongoing public sector softness due to the U.S. government shutdown. Analysts from Mizuho, Barclays, and Raymond James cut their price targets, citing concerns over profitability and AI competition.

Adding to the uncertainty, GitLab announced the appointment of a new CFO, Jessica Ross, effective January 2026. The transition period and mixed financial outlook contributed to the sharp pre-market decline.