GitLab Reports Strong Q3 Results and New CEO

GitLab reported optimistic guidance on Thursday following its fiscal third-quarter results that exceeded estimates. The coding company also announced a new chief executive.

The company appointed Bill Staples as CEO, with GitLab Co-Founder Sid Sijbrandij transitioning to Executive Chair.

GitLab Inc (NASDAQ:GTLB) saw a rise of more than 7% in after-hours trading following the earnings report.

For the quarter ended October 31, the company reported:
– Q3 adjusted EPS: $0.23
– Revenue: $196 million
– This surpassed consensus estimates for EPS of $0.15 on revenue of $187.9M.

Current remaining performance obligations (cPRO), a measure of booked revenue to be recognized over the next 12 months, increased by 39% to $515.2M.

For Q4, the company anticipates diluted EPS in the range of $0.22 to $0.23 and revenue between $205M and $206M, also exceeding analyst expectations for earnings of $0.15 per share on revenue of $204.83M.

For the full year, GitLab expects EPS in the range of $0.63 to $0.64, and net revenue to be between $753M and $754M.