Earnings

June 5, 2023

GitLab Grabs AI Gains

The software development company is surging after hours following its first-quarter results.

The code hosting and collaboration services provider reported an adjusted loss per share of $0.06 on revenues of $126.9 million. That topped the $0.14 loss per share and revenue of $117.8 million anticipated by analysts. 🌤️

Some other highlights included:

  • Customers with more than $5,000 of ARR rose 43% YoY to 7,406
  • Customers with more than $100,000 of ARR rose 39% YoY to 760
  • The dollar-based net retention rate for Q1 was 128%

During the release, executives focused on the company’s artificial intelligence (AI) position. Chief Financial Officer Brian Robins said, “Against a backdrop of macroeconomic uncertainty, customers are looking to our AI-powered DevSecOps platform to drive efficiencies, increase productivity, and accelerate their pace of innovation.”

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Looking ahead, executives’ outlook also topped estimates. It now expects a second-quarter adjusted loss per share of $0.02 to $0.03 on revenues of $129 to $130 million. For fiscal 2024, they expect $541 to $543 million in revenue and an adjusted loss of $0.14 to $0.18. 👍

$GTLB shares rose over 23% after hours, rebounding from record lows set two months ago. 🔺

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