GitLab stock jumps 20% on strong Q1 beat & guidance By Investing.com

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GitLab stock jumps 20% on strong Q1 beat & guidance

Published Jun 06, 2023 05:26

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GitLab stock jumps 20% on strong Q1 beat & guidance

GTLB

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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.

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