GitLab Stock Surges After Strong Q3 Results, Q4 Guidance Above Estimates

GitLab Inc. GTLB reported its third-quarter results after Thursday's closing bell. Here's a look at the key figures from the quarter. 

The Details: GitLab reported quarterly earnings of 23 cents per share, which beat the analyst consensus estimate of 16 cents. Quarterly revenue came in at $196 million, which beat the analyst consensus estimate of $187.93 million and is an increase over sales of $149.67 million from the same period last year.

• Customers with more than $5,000 of ARR reached 9,519, an increase of 16% year-over-year.
• Customers with more than $100,000 of ARR reached 1,144, an increase of 31% year-over-year.
• Dollar-Based Net Retention Rate was 124%.
• Total RPO grew 48% year-over-year to $811.8 million, while cRPO grew 39% to $515.2 million.

GitLab also announced Bill Staples was named CEO and a member of the board of directors effective immediately. Staples succeeds co-founder and CEO Sid Sijbrandij, who is stepping down from his day-to-day role to focus on his health. Sijbrandij will transition to executive chair of the GitLab board of directors.

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“GitLab’s growth at scale is a testament to the demand for a platform approach to software development,” said Sid Sijbrandij, co-founder and executive chair of the board of directors.

“Our end-to-end DevSecOps platform addresses our customers’ need to accelerate the pace of software development to remain competitive, innovate faster, and ship software more securely,” Sijbrandij added.

Outlook: GitLab sees fourth-quarter revenue in a range of $205 million to $206 million, versus the $204.36 million estimate and adjusted earnings of between 22 cents and 23 cents per share, versus the 14-cent estimate.

GTLB Price Action: According to Benzinga Pro, GitLab shares are up 7.54% after-hours at $71.02 at the time of publication Thursday. 

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