Stocks Analysis by Shane Neagle covering: Gartner Inc, Asana Inc, Gitlab Inc. Read Shane Neagle's latest article on Investing.com
GitLab reported revenue growth of 38% year-over-year, which was better than what the Street was looking for.
The company said the number of customers with more than $5,000 of ARR increased 33% YoY, while the number of customers with over $100,000 of ARR rose as much as 37% to 810. The dollar-based net retention rate was 124% in Q2. For this quarter, GitLab sees revenue in the range between $140-141 million, topping the expected $138.2 million. The company forecasts a loss per share of $0.02-0.01.
Despite the tough macro environment, GitLab shares rose +5.4% after-hours after the company reported better-than-expected earnings and revenue which is something to be expected as Tyler Corvin, the senior options trader behind The Trading Analyst predicted a +6.1% post-earnings move.
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