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GitLab stock jumps 26% on strong Q1 beat & guidance; analysts bulled-up
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Published Jun 06, 2023 06:21AM ET
© Reuters. GitLab stock jumps 20% on strong Q1 beat & guidance
GitLab (NASDAQ:GTLB) shares surged more than 26% in pre-market Tuesday after the company reported stronger-than-expected Q1 earnings.
EPS of ($0.06) came in better than the consensus estimate of ($0.14). Revenue grew 45% year-over-year to $126.9 million, beating the consensus estimate of $117.84M.
Customers with more than $5,000 of ARR increased 43% year-over-year to 7,406, while customers with more than $100,000 of ARR increased 39% year-over-year to 760. The dollar-based net retention rate was 128%.
“With AI revolutionizing how companies develop, secure, and operate software, we believe GitLab is positioned as the leading AI-powered DevSecOps platform. Today, we deliver more AI-powered capabilities to customers than any other DevSecOps platform,” said CEO Sid Sijbrandij.
For Q2/24, the company expects EPS in the range of ($0.03)-($0.02), compared to the consensus of ($0.08), and revenue in the range of $129-$130M, compared to the consensus of $127M.
For the full year, the company sees EPS at ($0.18)-($0.14), compared to the consensus of ($0.26), and revenue at $541-$543M, compared to the consensus of $533M.
Needham & Company analysts said the results point towards improved bookings predictability.
"Management noted improved Bookings predictability during 1QF24 compared to 4QF23, and the Premium price increase is tracking to expectations with unchanged churn and realized ASP capture in April," the analysts highlighted.
Bank of America analysts hiked the price target by $5 to $55 per share.
"While mgmt. raised FY24 op income guidance by $16.5mn to ($42m) at the mid, we believe consistent revenue upside and good expense management could drive a positive op income inflection sometime over the next 12-18 months, which could be a stock catalyst," they said.
Additional reporting by Senad Karaahmetovic
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