Gitlab Inc (NASDAQ:GTLB) shares surged more than 20% after-hours following the company’s reported Q1 earnings, with EPS of ($0.06) coming in better than the consensus estimate of ($0.14).
Revenue grew 45% year-over-year to $126.9 million, beating the consensus estimate of $117.84M.
Customers with more than $5,000 of ARR increased 43% year-over-year to 7,406, while customers with more than $100,000 of ARR increased 39% year-over-year to 760. The dollar-based net retention rate was 128%.
“With AI revolutionizing how companies develop, secure, and operate software, we believe GitLab is positioned as the leading AI-powered DevSecOps platform. Today, we deliver more AI-powered capabilities to customers than any other DevSecOps platform,” said CEO Sid Sijbrandij.
For Q2/24, the company expects EPS in the range of ($0.03)-($0.02), compared to the consensus of ($0.08), and revenue in the range of $129-$130M, compared to the consensus of $127M.
For the full year, the company sees EPS at ($0.18)-($0.14), compared to the consensus of ($0.26), and revenue at $541-$543M, compared to the consensus of $533M.