Stock Track | GitLab Soars 8.78% in Pre-Market on Q3 Beat, Raised FY2025 Outlook, and New CEO Appointment

Stock Track

Dec 06, 2024

GitLab Inc. (GTLB) saw its stock surge 8.78% in pre-market trading on Friday, December 6, 2024, following the company's impressive third-quarter fiscal 2025 results and an optimistic outlook for the full year.

The software development platform provider reported revenue of $196 million for the third quarter, representing a 31% year-over-year increase and surpassing analysts' expectations of $188.3 million. GitLab's non-GAAP earnings per share of $0.23 also exceeded the consensus estimate of $0.16.

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

In a strategic 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.

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(GTLB) saw its stock surge 8.78% in pre-market trading on Friday, December 6, 2024, following the company's impressive third-quarter fiscal 2025 results and an optimistic outlook for the full year.</p>\n\n<p>The software development platform provider reported revenue of $196 million for the third quarter, representing a 31% year-over-year increase and surpassing analysts' expectations of $188.3 million. GitLab's non-GAAP earnings per share of $0.23 also exceeded the consensus estimate of $0.16.</p>\n\n<p>Buoyed by the strong quarterly performance, GitLab raised its guidance for fiscal year 2025. The company now expects revenue to be in the range of $753 million to $754 million, higher than its previous forecast of $742 million to $744 million. 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