GitLab (GTLB) Shares Surge 10% Following Q1 Beat & Better Than Expected Outlook

GitLab Inc (NASDAQ: GTLB) shares rose around 10% after-hours following the company’s reported strong Q1 results, with growth in all the customer segments despite the macro-environment.

Q1 EPS came in at ($0.18), compared to the Street estimate of ($0.27), and revenue at $87.4 million, compared to the Street estimate of $77.8 million.

Customers with more than $5,000 of ARR grew 64% year-over-year to 5,168, and customers with more than $100,000 of ARR grew 68% year-over-year to 545. The dollar-based net retention rate was above 130% in Q1.

The company expects Q2/23 EPS in the range of ($0.24)-($0.23), compared to the consensus of ($0.25), and revenue in the range of $93.5-94.5 million, compared to the consensus of $89.7 million.

For the full 2023-year, the company expects EPS in the range of ($0.93)-($0.89), compared to the consensus of ($0.97), and revenue in the range of $398-402 million, compared to the consensus of $390 million.

By Davit Kirakosyan

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