Gitlab is up 15% after announcing its first-quarter financial results

GitLab Inc. (NASDAQ: GTLB), a One DevOps platform, shot up 15% after announcing its first-quarter financials for the 2023 fiscal year. The company reported an $87.4 million quarterly revenue, representing a 75% year-over-year increase. 

In the first quarter of the 2023 fiscal year, the company also recorded a 49% GAAP operating margin and a 28% Non-GAAP operating margin. The GAAP net loss for each share came to about $0.18. 

Management statements 

Gitlab Co-Founder and Chief Executive Officer, Sid Sijbrandij, said:

Mr. Sijbrandij said that they expect more and more customers to adopt their One DevOps platform as momentum still continues to grow strong. The CEO confirmed that they’ve witnessed a huge shift in how organizations are securing, operating and developing software systems by moving them to certain platform strategies. 

The company’s Chief Executive Officer, Brian Robins, added:

Mr. Robins claims that he was pleased they delivered a strong first quarter exceeding their financial guidance. He said that they’ll stay committed to the company’s responsible growth. 

Business highlights 

Customers with over $5,000 of ARR went up 64% from the first quarter of the previous financial year to 5,168. Customers with over $100,000 of ARR went up 68% from the first quarter of the previous fiscal year to 545. The Dollar-Based Net Retention rate in the first quarter of the 2023 fiscal year was above 130%.