GitLab (NASDAQ:GTLB) raised its annual outlook after posting stronger-than-expected quarterly results on Tuesday, driven by a surge in deals and improved profit margins. GitLab saw its stock jump over 19% intra-day today following the announcement.
In its second-quarter results, GitLab reported adjusted earnings of $0.15 per share on revenue of $182.6 million, surpassing Wall Street expectations of $0.10 per share on revenue of $176.9 million.
For fiscal 2024, the company now anticipates adjusted earnings per share (EPS) between $0.45 and $0.47, an increase from its previous guidance of $0.34 to $0.37. Additionally, revenue is projected to fall between $742 million and $744 million, up from the earlier estimate of $733 million to $737 million.
Looking ahead to the third quarter, GitLab provided guidance for adjusted EPS between $0.15 and $0.16 on revenue of $187 million to $188 million, exceeding analysts’ expectations of $0.11 per share on $187 million in revenue.