GTLB: GitLab Stock Adds 12% as CEO Flaunts Platform as AI-Powered Leader in DevSecOps

The company posted its first-ever quarterly profit on an adjusted basis with shares crossing $60 a piece for the first time in more than a year.

• GitLab stock GTLB rallied 12% on Tuesday after the company delivered its quarterly earnings data before the opening bell. The DevSecOps platform, which helps companies develop, secure, and operate software, used the chance to update investors it is positioning itself deeper into AI territory.
• GitLab chief executive Sid Sijbrandij said the business is well on track to become the leading AI-powered DevSecOps player. The bright prospects across AI opportunities, coupled with an earnings beat, sent investors on a ‘shut-up-and-take-my-money’ trip, pushing the stock over the $60-per-share mark for the first time since mid-2022.
• The company’s fiscal third-quarter financials showed revenue of $149.7mn, a 32% increase from the year-ago quarter. Net income, the first-ever for GitLab, arrived at $14.4mn, versus a $15.2mn loss in the same time span of 2022. Shares of the Nasdaq-listed firm are up more than 30% on the year.