GitLab stock gains after upbeat earnings report, as company cites AI benefits
Shares of GitLab Inc. (GTLB) were surging nearly 20% in after-hours trading Monday after the company, which helps businesses with software development, topped expectations with its latest financials. GitLab posted a fiscal first-quarter net loss of $52.9 million, or 35 cents a share, compared with a loss of $26.1 million, or 18 cents a share, in the year-earlier period. On an adjusted basis, GitLab lost 6 cents a share, while analysts were expecting an 14-cent loss per share. Revenue increased to $126.9 million from $87.4 million, whereas analysts were projecting $117.8 million. For the fiscal second quarter, GitLab anticipates $129 million to $130 million in revenue, above the FactSet consensus, which was for about $127 million. Executives talked up the company's artificial-intelligence positioning in the earnings release. "Against a backdrop of macroeconomic uncertainty, customers are looking to our AI-powered DevSecOps platform to drive efficiencies, increase productivity, and accelerate their pace of innovation," Chief Financial Officer Brian Robins said, referring to development, security, and operations.
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June 05, 2023 16:33 ET (20:33 GMT)
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