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GitLab Jumps on Loss Better than Expected

GitLab (NASDAQ:GTLB) shares kept the momentum going Wednesday, after the provider of code-deployment software notched a loss that was narrower than analysts expected while reporting an improved full-year forecast. The shares rose 31% on Tuesday.

The stock enjoyed its best day since GitLab’s 2021 NASDAQ debut. It’s still roughly 65% below its peak from November of that year, the month that tech stocks reached record levels. After that, investors began shifting money out of risky assets on concerns of slowing growth and rising interest rates.

GitLab said revenue in the fiscal first quarter ended April 30 jumped 45% to $126.9 million from $87.4 million a year earlier. The company had an adjusted loss of six cents per share, according to a statement. Analysts surveyed by Refinitiv had expected sales of $117.8 million and an adjusted loss of 14 cents per share.

GitLab’s net loss widened to $52.9 million from $26.6 million in the year-ago quarter.

For the 2024 fiscal year, GitLab sees an adjusted loss of 14 cents to 18 cents per share on revenue of $541 million to $543 million. Analysts had expected an adjusted loss of 26 cents per share and sales of $532.6 million. In March, GitLab had called for an adjusted per-share loss of 24 cents to 29 cents on revenue of $529 million to $533 million.

GTLB shares soared $2.16, or 4.7%, to $48.60.