Shares of GitLab (NASDAQ:GTLB) roared upward with double-digit gains in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at -$0.06, which beat analysts’ consensus estimate of -$0.14 per share. Sales increased by 45.2% year-over-year, with revenue hitting $126.88 million. This beat analysts’ expectations of $117.83 million.
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GitLab’s customer base has been steadily expanding. It noted that customers with more than $5,000 worth of annually recurring revenue were up 43% against this time last year, reaching 7,406 total. Further, customers with over $100,000 in annual recurring revenue reached 760, which was up 39% year-over-year. In addition, its net retention rate was 128%.
GitLab management also offered guidance on the next quarter. It projected earnings per share for the second quarter of 2024 between -$0.03 and -$0.02, well ahead of consensus projections of -$0.08. Revenue, meanwhile, was projected between $129 million and $130 million, ahead of consensus expectations calling for $127.11 million.
Overall, Wall Street has a consensus price target of $44.29 on GTLB stock, implying 25.11% upside potential, as indicated by the graphic above.
