GitLab Inc shares have climbed after the DevSecOps platform posted third quarter fiscal year 2023 results that topped the Street’s expectations for both its top and bottom line.
For the quarter ended October 31, 2022, the company posted a 69% jump in revenue to $113 million, up from $66.8 million in the year-ago quarter and ahead of the $106 million expected by analysts.
The company narrowed its non-GAAP net loss per share from $0.34 to $0.10, beating the consensus analyst expectation of a loss of $0.15 per share.
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It also reduced its non-GAAP operating loss from $23.9 million in the year-ago quarter to a loss of $21.6 million in 3Q fiscal 2023.
GitLab CFO Brian Robins said the company’s results continued to demonstrate its ability to drive high growth with improving margins.
“Our dollar-based net retention rate again exceeded our reporting threshold of 130%, which we believe remains best in class and consistent with our track record as a public company.”
GitLab CEO Sid Sijbrandij added: “Our 3Q business results demonstrate GitLab’s value proposition as a mission-critical DevSecOps platform for software innovation is resonating.”
GitLab shares had risen 5.7% at noon on Tuesday, trading at about US$40.51.
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