GitLab Stock Rises After Hours: Q2 Earnings Beat, Guidance Raised

GitLab Inc. GTLB shares are trading higher in the after-hours session after the company reported second-quarter earnings.

What To Know:

• GitLab reported quarterly earnings of one cent per share which beat the analyst consensus estimate of losses of three cents. Revenues of $139.58 million beat the analyst consensus estimate of $129.67 million, growing 38.14% year over year.
• Customers with more than $5,000 of ARR increased to 7,815, up 33% from the second-quarter of fiscal year 2023. Customers with more than $100,000 of ARR increased to 810, up 37% from the second-quarter of fiscal year 2023.
• The company issued third-quarter earnings per share guidance of between losses of two cents and losses of one cent, versus the estimate of losses of four cents. Revenue is estimated to be between $140 million and $141 million, versus the $138.11 million estimate.
• GitLab anticipates full-year 2024 earnings per share to be in a range between losses of eight cents and losses of five cents, versus the estimate of losses of 14 cents. Revenue is estimated to be between $555 million and $557 million, versus the $542.81 million estimate.

"GitLab's strong quarter is a result of our focus on creating a differentiated and innovative DevSecOps platform and executing on a strong go-to-market motion," said Sid Sijbrandij, GitLab CEO and co-founder.

"In addition, Gartner and Forrester recognized GitLab as a category leader, which is an important milestone for the company and signals the shift from point solutions to platforms. We believe that our rapid pace of product innovation and strong customer demand position us to capture a greater share of the estimated $40 billion total addressable market opportunity."

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GTLB Price Action: Shares of GTLB were up 4.14% at $51.80 in the after-hours session at the time of publication, according to Benzinga Pro.

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