GitLab (NASDAQ:GTLB) stock jumped almost 18% in premarket trading on Tuesday after the DevOps software firm reported results for the third quarter that completely surpassed analysts’ projections and boosted its revenue prediction for the whole year.
Gitlab (GTLB) reported a loss of 10 cents per share after adjusting for certain factors for the quarter that ended October 31, even though sales increased by 69.1% year over year to $112.98 million. On a total of $106 million, investors were anticipating an adjusted loss of 15 cents per share.
Gitlab (GTLB), which is in direct competition with Microsoft’s (MSFT) GitHub, reported that the number of customers with annual recurring revenue of more than $5,000 increased by 59% year-over-year to 6,469. The number of customers with annual recurring revenue of more than $100,000 increased by 49% year-over-year to 638.
Gitlab stock anticipates sales for the fourth quarter to be between $119M and $120M, with an adjusted loss of between 15 and 14 cents per share. This information was provided regarding the future.
GitLab stock anticipates that its revenue for the fiscal year 2023 will be between $420.5 and $421.5 million, and its adjusted losses will be between 56 and 55 cents per share.
The investment firm Tiger Global reported a few weeks ago that it had sold its position in GitLab stock during the third quarter and made several other adjustments to its portfolio.
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