Shares of GitLab (NASDAQ: GTLB) shot up in after-hours trading on Tuesday after the DevSecOps platform announced strong Q3 results.
The company announced Q3 revenues of $113 million, a jump of 69% year-over-year and surpassing analysts’ estimates by $6.9 million.
Adjusted net loss narrowed to $0.10 per share versus a loss of $0.34 in the same period last year. This figure was better than consensus estimates of a loss of $0.15 per share.
Brian Robins, GitLab CFO commented, “Our dollar-based net retention rate again exceeded our reporting threshold of 130%, which we believe remains best in class and consistent with our track record as a public company.”
In Q4, GTLB expects to generate revenues between $119 million and $120 million while adjusted net loss is likely to come in the range of $0.15 to $0.14 per share.
For FY23, the company has guided revenues in the range of $420.5 to $421.5 million. Adjusted net loss is anticipated to come in between $0.56 and $0.55 per share.
Wall Street analysts are bullish about the stock with a Strong Buy consensus rating based on eight Buys and one Hold.
