Gitlab again raised its full-year guidance after posting third-quarter results that exceeded its earlier guidance on rising demand from software developers.
Gitlab shares jumped 6.3% in extended trading.
The company, which provides cloud-based software development tools, on Thursday reported a profit of $28.3 million, or 18 cents a share, compared with a loss of $286.4 million, or $1.84 a share, in the year-ago quarter.
Adjusted earnings came in at 23 cents a share. Analysts polled by FactSet expected adjusted earnings of 16 cents a share, which was the high-end of the company's guidance.
Revenue rose 31% to $196 million. Analysts had expected $187.9 million, which was also near the high-end issued guidance.
Gitlab co-founder Sid Sijbrandij, who on Thursday stepped down as CEO to focus on his cancer treatment, said the company's rapid growth reflects strong demand for a platform approach to software development. The company named Bill Staples, former CEO of New Relic, as his successor.
For the full-year, Gitlab now expects adjusted per-share earnings between 63 cents and 64 cents on revenue between $753 million and $754 million. Those are up from adjusted earnings as high as 47 cents on revenue up to $744 million.
The outlook includes expectations for fourth-quarter adjusted per-share earnings between 22 cents and 23 cents and revenue between $205 million and $206 million. Analysts were looking for adjusted earnings of 14 cents a share on revenue of $204.4 million.