GTLB - Why GitLab Stock Jumped Today
Shares of GitLab (NASDAQ: GTLB) climbed 7.8% on Tuesday after the software development company delivered strong growth metrics and an optimistic sales forecast for the year ahead.
GitLab's revenue rocketed 69% year over to $77.8 million in its fiscal 2022 fourth quarter, which ended on Jan. 31. The gains were driven by a combination of new customer wins and higher sales to existing clients.
Customers generating more than $5,000, $100,000, and $1 million grew 67%, 74%, and 95%, respectively, compared to the year-ago quarter. Better still, GitLab's dollar-based net retention rate, which measures sales to existing customers during a 12-month period compared to the prior year, checked in at over 152%.
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Why GitLab Stock Jumped Today