(GitLab) Shares of GitLab rose almost 10% in premarket on Tuesday after reporting a revenue of $87.4 million in the first quarter of 2023. The revenue was 75% higher than the prior year.
The GAAP and non-GAAP gross margin were posted at 89% and 90%, respectively, an increase from 87% in the prior year.
GitLab said that its Dollar-Based Net Retention Rate rose above 130% in the first quarter. Customers with more than $5,000 of ARR and $100,000 of ARR rose by more than 64% and 68%, respectively in the quarter.
The strong quarter saw GitLab report a GAAP net loss per share of $0.18, an improvement from a per-share loss of $0.53 in the prior year.
GitLab expects a higher revenue of between $93.5 million and $94.5 million in the second quarter. FY23 revenue is expected at between$398.0 million and $402.0 million.
Non-GAAP net loss per share is expected to be $0.24 to $0.23 in the second quarter. For FY23, the loss per share is expected at between $0.93 and 0.89.
GTLB:NASDAQ is up +12.20%.
