GitLab Rises In Pre-market On Upbeat Quarterly Results, Outlook

(RTTNews) - Shares of GitLab Inc. (GTLB), an AI-powered DevSecOps platform, were rising more than 12 percent in pre-market on Wednesday to $50.20, after reporting upbeat quarterly results that surpassed the consensus estimates. The company also provided third-quarter as well as full-year outlook above the Street view.

GitLab posted net income of $12.9 million or $0.08 per share for the second quarter compared with net loss of $50.1 million or $0.33 per share in the same quarter a year ago, primarily helped by growth in revenue.

Excluding one-time items, earnings were $24.5 million or $0.15 per share, that beat the analysts' average estimate of $0.10 per share.

Total revenue grew 31 percent year-on-year to $182.6 million.

For the third quarter, the company expects adjusted EPS in the range of $0.15 - $0.16 and revenue in the range of $187 million - $188 million. Analysts expect the company to report earnings of $0.11 per share on revenue of $187.04 million.

For the full year, adjusted EPS is expected between $0.45 and $0.47 revenue between $742 million and $744 million. The Street expects earnings of $0.36 per share and revenue of $736.61 million for the year.

GitLab stock had closed at $44.68, down 5.74 percent on Tuesday. It has traded in the range of $40.19 - $78.53 in the last 1 year.