GitLab, Inc. (GTLB) experienced a remarkable 9.54% surge in its stock price during Friday's trading session, closing at a new 52-week high. The software development platform company's strong performance was fueled by its impressive third-quarter financial results and an optimistic outlook for the remainder of fiscal year 2025.

In its Q3 FY2025 earnings report, GitLab reported revenue of $196 million, representing a 31% year-over-year increase and surpassing analyst estimates of $188.3 million. The company's non-GAAP earnings per share of $0.23 also exceeded expectations, coming in well above the consensus estimate of $0.16.

Buoyed by the strong quarterly performance, GitLab raised its guidance for the full fiscal year 2025. The company now expects revenue to be in the range of $753 million to $754 million, up from its previous forecast of $742 million to $744 million. Adjusted earnings per share are projected to be between $0.63 and $0.64, higher than the previously guided range of $0.45 to $0.47.

GitLab's impressive results were driven by robust demand for its AI-powered DevSecOps platform, which helps organizations accelerate software development, improve operational efficiency, and reduce security and compliance risks. The company's offerings, including its GitLab Dedicated and GitLab Ultimate products, gained traction among enterprise customers, contributing to the strong growth in revenue and customer acquisition.

In a significant leadership change, GitLab also announced the appointment of Bill Staples as the new Chief Executive Officer, succeeding co-founder Sid Sijbrandij, who will transition to the role of Executive Chair of the Board to focus on his health and cancer treatment. Staples brings extensive experience in scaling enterprise software organizations, having previously served as the CEO of New Relic and held executive roles at Microsoft and Adobe.