GitLab (NASDAQ:GTLB) shares are on the rise today after the DevSecOps (Development, Security, and Operations) platform delivered blowout second-quarter numbers. Revenue rose 38.2% year-over-year to $139.6 million, outpacing estimates by $9.8 million. EPS of $0.01 came in better than expectations by a wide margin of $0.04.
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This robust performance was driven by GitLab’s focus on product innovation and strong customer demand. The company was recently named as a category leader by Gartner and Forrester. During the quarter, GitLab’s dollar-based net retention rate stood at 124%, with the number of customers with annual recurring revenue of over $100,000 rising by 37% to 810.
Looking ahead to the full fiscal year 2024, GitLab expects revenue to hover between $555 million and $557 million. The net loss per share for the year is anticipated to be between $0.08 and $0.05. Furthermore, the company expects third-quarter revenue to be in the range of $140 million and $141 million, alongside a net loss per share in the range of $0.02 and $0.01.
Overall, the Street has a consensus price target of $58.13 on GitLab, along with a Strong Buy consensus rating. Today’s price gains further add to the 7.3% rise in GitLab shares over the past month alone.
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