GitLab shares surge 15% on Q3 beat & strong outlook

GitLab Inc (NASDAQ: GTLB) shares soared more than 15% after-hours following the company’s reported Q3 results, with EPS of ($0.10) coming in better than the consensus estimate of ($0.15). Revenue was $113 million, compared to the consensus estimate of $106.04 million.

Customers with more than $5,000 of ARR grew 59% year-over-year to 6,469. Customers with more than $100,000 of ARR grew 49% year-over-year to 638.

“Our Q3 business results demonstrate GitLab’s value proposition as a mission critical DevSecOps platform for software innovation is resonating,” said Sid Sijbrandij, GitLab CEO and Co-Founder.

The company expects Q4/23 EPS to be in the range of ($0.15)-($0.14), compared to the consensus of ($0.17), and revenue in the range of $119-120 million, compared to the consensus of $119.28 million.

For fiscal 2023, the company expects EPS to be in the range of ($0.56)-($0.55), compared to the consensus of ($0.65), and revenue in the range of $420.5-421.5 million, compared to the consensus of $413.71 million.

By Davit Kirakosyan

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