GitLab’s (GTLB) stock is up 15% after the software-development company reported its first ever adjusted operating profit.
GitLab reported a fiscal third-quarter net loss of $1.84 U.S. per share. However, on an adjusted basis, its earnings were $0.09 U.S. per share.
Revenue in the quarter rose 32% to $149.7 million U.S. from a year earlier. Wall Street had expected an adjusted loss of $0.01 U.S. per share on revenue of $141.5 million U.S.
The company said that its GitLab Duo suite of artificial intelligence (A.I.) capabilities is popular with software engineers and selling well.
Looking ahead, GitLab said that it expects revenue of $157 million U.S. to $158 million U.S. and an adjusted profit of $0.08 U.S. to $0.09 U.S. a share for the current fourth quarter.
Prior to today (Dec. 5), GitLab’s stock was up 20% on the year and trading at $52.93 U.S. per share.
