GitLab Stock Climbs On Q2 Results, Strong FY 25 Guidance

Author: Erica Kollmann | September 03, 2024 04:43pm

GitLab Inc. (NASDAQ:GTLB) shares are climbing after the company reported its second-quarter financial results after Tuesday's closing bell. Here's a look at the details from the report. 

The Details: GitLab reported quarterly earnings of 15 cents per share, which beat the analyst consensus estimate by 50%.

Quarterly revenue came in at $182.6 million, which beat the analyst consensus estimate of $176.889 million by 3.23% and represents a 30.82% increase over the same period last year.

• Customers with more than $5,000 of ARR reached 9,314, an increase of 19% year-over-year.
• Customers with more than $100,000 of ARR reached 1,076, an increase of 33% year-over-year.
• Dollar-Based Net Retention Rate was 126%.
• Total RPO grew 51% year-over-year to $747.9 million, while cRPO grew 42% to $475.0 million.

“Organizations need to deliver software faster to accelerate performance and respond to intense competition,” said Sid Sijbrandij, GitLab CEO and co-founder. “Our results show the combination of our end-to-end platform and AI solutions are driving results for our customers by aligning to business goals, providing measurable benefits, and improving security.”

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Outlook: GitLab sees fiscal-year 2025 earnings of between 45 cents and 47 cents per share, versus the 36-cent estimate, and revenue in a range of $742 million to $744 million, versus the $736.612 million estimate.

GTLB Price Action: According to Benzinga Pro, GitLab shares are up 12.18% after-hours at $50.12 at the time of publication Tuesday.

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Image: Courtesy of GitLab, Inc.

Posted In: GTLB