GitLab Shares Climb After Outlook Raise, Strong 3Q

Dow Jones

06 Dec 2024

By Dean Seal

Shares of GitLab jumped after the company raised its full-year guidance amid rising demand from software developers.

The stock was up 8.2% at $71.45 in premarket trading Friday. Shares had gained about 5% year-to-date when the market closed Thursday.

The San Francisco code-hosting platform said after yesterday's closing bell that it now expects adjusted earnings of 63 cents to 64 cents a share for the year on $753 million to $754 million in revenue. That is up from previous targets for up to 47 cents a share on as much as $744 million in revenue.

The outlook includes fourth-quarter targets that were well above the consensus estimate of analysts polled by FactSet.

The lift came after revenue jumped 31% to $196 million in the third quarter, topping analyst projections for $187.9 million. Adjusted earnings of 23 cents a share beat forecasts by 7 cents.

Gitlab co-founder Sid Sijbrandij, who said Thursday he would step down as chief executive to focus on his cancer treatment, attributed the gains to strong demand for a platform approach to software development. The company tapped Bill Staples, former CEO of New Relic, to succeed Sijbrandij.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

December 06, 2024 06:52 ET (11:52 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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