Gitlab soars in afterhours on upbeat guidance, Q3 results beat; names new CEO

nvesting.com -- Gitlab reported Thursday upbeat guidance following fiscal third-quarter results that topped estimates and the coding company announced a new chief executive.

The company said it had appointed Bill Staples as CEO, with GitLab Co-Founder Sid Sijbrandij transitioning to executive chair.

Gitlab Inc (NASDAQ: GTLB) was up more than 7% in after-hours following the report.

For the quarter ended Oct. 31, the company reported Q3 adjusted EPS of $0.23 on revenue of $196 million, topping consensus estimates for EPS of $0.15 on revenue of $187.9M.

Current remaining performance obligations, or cPRO, a gauge of booked revenue over the next 12 months, grew 39% to $515.2M.

For Q4, the company expects diluted earnings per share in the range of $0.22 to $0.23 on revenue of $205M to $206M. The topped analysts estimates for earnings of $0.15 a share on revenue of $204.83M.

For the full-year, the company said it expects EPS in a range of $0.63 to $0.64, while net revenue was guided between $753M and $754M.

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