GitLab shares popped 16% in extended trading Monday after the company posted third-quarter results that beat Street expectations and raised its guidance.
The open-source cloud repository company reported adjusted earnings of $0.09 per share on revenue of $149.7 million, compared to expectations of $0.01 per share on revenue of $141.5 million. Revenue increased 32% year-over-year.
The quarter was the first in which GitLab achieved an adjusted operating profit.
On the company’s earnings call, CEO Sid Sijbrandij said that there has been some movement among organizations to the company from GitHub, which is owned by Microsoft.
Looking forward, GitHub said it expects fourth-quarter adjusted earnings of $0.08 to $0.09 per share on revenue of $157 million to $158 million. Analysts had called for a loss of $0.01 per share on revenue of $150.2 million.
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