GitLab (GTLB) Posts Loss in Q3, Beats Revenue Estimates – December 5, 2023 – Zacks.com
– Zacks Investment Research
GitLab (GTLB) reported third-quarter fiscal 2024 non-GAAP earnings of 9 cents per share, surpassing the Zacks Consensus Estimate of a loss of 1 cent, while the company had reported a loss of 10 cents in the year-ago quarter.
Total revenues of $149.7 million beat the consensus mark by 6.23%, thanks to the continued adoption of GitLab’s DevSecOps Platform.
Subscriptions (self-managed and SaaS) revenues surged 33.1% year over year to $131 million, and License (self-managed and other) revenues soared 28.4% year over year to $18.7 million.
Customers with more than $5K of Annual Recurring Revenues (ARR) increased to 8,175, with 26% growth year over year, and those with more than $100K of ARR increased to 874, with 37% growth year over year.
The company’s non-GAAP operating profit was $4.7 million compared with a loss of $21.6 million in the year-ago quarter.
The company expects fourth-quarter fiscal 2024 revenues between $157 million and $158 million, indicating a growth rate of 28-29% year over year.
For the full fiscal year 2024, GitLab expects revenues between $573 million and $574 million, with a non-GAAP operating loss expected in the range of $10-$9 million and non-GAAP earnings expected to be between 12 cents and 13 cents.
The company carries a Zacks Rank #3 (Hold) and its shares have gained 16.5% year to date.
Link: https://www.zacks.com/stock/news/2193790/gitlab-gtlb-posts-loss-in-q3-beats-revenue-estimates