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GitLab Shares Surge After Posting Its First Profit Ever as It Added More Customers

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Key Takeaways

  • GitLab reported a surprise profit and revenue soared as the maker of software for developers posted a big increase in customers.
  • The company said the number of customers with more than $100,000 annual recurring revenue was up 37% from a year ago.
  • GitLab's current quarter outlook for earnings and sales exceeded estimates.

Shares of GitLab (GTLB) jumped over 14% in early trading Tuesday after the maker of software for developers posted a surprise profit as its high-end customer base soared.

GitLab reported third quarter fiscal 2024 earnings per share (EPS) of $0.09, its first-ever adjusted operating profit. Analysts had anticipated a loss. Revenue rose 32% from a year ago to $149.7 million, also beating forecasts. 

GitLab said the number of customers with $100,000 or more in annual recurring revenue (ARR) skyrocketed 37% to 874. Those with more than $5,000 ARR increased 26% to 8,175.

CFO Brian Robins indicated the leap in sales demonstrated “continued business momentum driven by our market-leading platform approach.” He added that GitLab “delivered over 2,200 basis points (bps) of non-GAAP operating margin expansion.”

The company projected current quarter EPS of $0.08 to $0.09, while estimates pointed to a loss. Revenue guidance of $157 million to $158 million also exceeded expectations.
GitLab shares jumped to their highest level since August of 2022 following the news.
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