Shares in GitLab jumped Tuesday after the software maker reported third quarter earnings and revenue that topped estimates while management raised revenue guidance for GTLB stock.
GitLab earnings for the quarter ending Oct. 31 were 9 cents a share, swinging from a loss of 10 cents a share a year earlier. Revenue rose 32% to $149.7 million.
Those results, which were reported Monday, topped consensus estimates for a 1-cent loss on an adjusted basis on revenue of $141.8 million.
On the stock market today, GTLB stock jumped 11.5% to close at 58.99.
Heading into the GitLab earnings report, the software stock owned an entry point of 54.60. From a technical view, GitLab stock would trade above a 5% buy zone with Tuesday's gain.
GTLB Stock: Revenue Outlook Raised
However, GTLB stock would be actionable as a breakaway gap above 54.60 if the move holds.
San Francisco-based GitLab raised its 2024 revenue guidance by $17.5 million, more than the $8 million beat in Q3. Also, management said it expects to deliver positive EPS for the year on an adjusted basis.
Founded in 2014, GitLab helps customers develop software and deploy new applications in a secure process. GitLab operates in a crowded software development market called "DevOps," for developer and operations.
GitLab competes with Microsoft, Atlassian and JFrog. The company also competes with privately-held Cloudbees.
In addition, GTLB stock holds a Relative Strength Rating of 90 out of a best-possible 99.
GitLab launched its initial public offering in October, 2021. Shares swooned for 18 months before GitLab stock began rebounding in June.
Follow Reinhardt Krause on X, formerly called Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
