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GitLab shares rise as earnings and revenue exceed expectations

By ET Bureau - September 06, 2023 1 Mins Read

GitLab shares rise as earnings and revenue exceed expectations

GitLab Inc. stock climbed more than 5% in extended trading today after the DevOps company reported better-than-expected quarterly earnings and revenue.

GitLab reported adjusted earnings of a penny per share for the quarter that ended July 31, up from a loss of 15 cents per share in the same quarter last year, on revenue of USD 139.6 million, up 38% year over year. Analysts had predicted a loss of four cents per share on revenue of USD 138.11 million, so both results exceeded expectations.

At the end of the quarter, GitLab had 7,815 base customers, up 37% year over year, including 810 with a turnover of over USD 100,000. GitLab’s platform now has over 30 million users, and more than half of the Fortune 100 now uses GitLab.

Read More: GitLab shares rise on better-than-expected earnings and revenue

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