** 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