By GitLab, the San Francisco-based code-hosting platform provider, exceeded expectations with its second-quarter results. The company reported a loss of $50.1 million, or 33 cents per share, for the quarter ended July 31. This is an improvement compared to a loss of $59 million, or 40 cents per share, during the same period last year.
After adjusting for certain items, GitLab reported a profit of 1 cent per share, surpassing analysts’ expectations of a 3 cent per share loss. Revenue for the quarter increased by 38% to $139.6 million, outperforming the projected $129.8 million estimated by Wall Street.
GitLab also exceeded its own guidance for the quarter, which originally anticipated a per-share loss of between 3 and 2 cents on revenue ranging from $129 million to $130 million. The company’s CEO, Sid Sijbradij, expressed confidence in GitLab’s ability to seize a greater share of the estimated $40 billion total addressable market opportunity, attributing this potential success to their rapid pace of product innovation and strong customer demand.
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