GitLab Inc. (NASDAQ: GTLB) experienced a significant surge in its share price. The share price increased by more than 20% after-hours, following the release of the company’s Q1 earnings report. The company exceeded expectations, with an EPS of ($0.06), surpassing the consensus estimate of ($0.14).
In addition, GitLab achieved remarkable revenue growth of 45% year-over-year, reaching $126.9 million, surpassing the consensus estimate of $117.84 million.
The number of customers with more than $5,000 of ARR (Annual Recurring Revenue) rose by 43% compared to the previous year, totaling 7,406. Similarly, customers with more than $100,000 of ARR increased by 39% year-over-year, totaling 760. The dollar-based net retention rate stood at an impressive 128%.
CEO Sid Sijbrandij expressed confidence in GitLab’s position as the leading AI-powered DevSecOps platform. He stated, “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.”
GitLab Forecasts Strong Q2/24 EPS and Revenue
Looking ahead to Q2/24, GitLab expects its EPS to range from ($0.03) to ($0.02), compared to the consensus estimate of ($0.08). In addition, the company anticipates revenue in the range of $129 million to $130 million, surpassing the consensus estimate of $127 million.
For the full year, GitLab projects an EPS ranging from ($0.18) to ($0.14), exceeding the consensus estimate of ($0.26). Furthermore, the company expects revenue to reach $541 million to $543 million, surpassing the consensus estimate of $533 million.
Yesterday, on June 5th, GTLB stock experienced a substantial surge of 4.95%, closing at $35.40. The stock opened slightly higher than the previous day’s closing price. Throughout the day, the shares traded within a range of $33.09 and $35.68. The trading volume reached an impressive 6,918,788 (6.91 million), exceeding the average volume of 2.86 million over the past three months. Currently, GitLab’s market capitalization stands at $5.77 billion.
