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Earnings Results: GitLab stock soars more than 15% as results, outlook top Street view

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GitLab Inc. shares rallied in the extended session Monday after the DevOps software company’s quarterly results and forecast surpassed Wall Street expectations.

GitLab
GTLB,
-7.12%

shares rallied more than 15% after hours, following a 7.1% decline in the regular session to close at $38.33.

The company reported a third-quarter loss of $48.5 million, or 33 cents a share, compared with a loss of $41.2 million, or 62 cents a share, in the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and other items, was 10 cents a share, compared with 34 cents a share in the year-ago period.

Revenue rose to $113 million from $66.8 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast a loss of 15 cents a share on revenue of $106 million.

GitLab forecast an adjusted fourth-quarter loss of 15 cents to 14 cents a share on revenue of $119 million to $120 million, and an adjusted loss of 56 cents to 55 cents a share on revenue of $420.5 million to $421.5 million for the year.

Analysts had estimated a loss of 17 cents a share on revenue of $119.3 million for the fourth quarter, and a loss of 65 cents a share on revenue of $412.8 million for the year.

GitLab went public in October 2021, with shares pricing at $77 apiece.

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