Gitlab Gained Nearly 5% in Premarket Trading After Reporting Surprise Profit And Nudging Full-Year Forecasts Higher

Dow Jones2023-09-06

GitLab, Inc. gained nearly 5% in premarket trading.

The company, whose platforms help businesses with software development, reported a surprise second-quarter adjusted profit and offered up a slightly more upbeat full-year outlook.

The company said it expected full-year revenue of $555 million to $557 million, compared with an outlook for $541 million to $543 million given in June.

It also narrowed its adjusted per-share loss projections to a range of 5 cents to 8 cents, from June's forecast for a range of 14 cents to 18 cents.

The company said it expected third-quarter sales of $140 million to $141 million, with an adjusted per-share loss of 1 cent to 2 cents, above FactSet estimates for a 4-cent per-share loss on $138.1 million in sales.

It reported a second-quarter net loss of $51.2 million, or 33 cents a share, compared with $61.5 million, or 40 cents a share, in the same quarter last year. Revenue jumped to $139.6 million, compared with $101 million in the prior-year quarter. The company reported an adjusted per-share profit of 1 cent. Analysts polled by FactSet expected an adjusted loss of 3 cents a share, on revenue of $129.8 million.

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