GitLab’s stock shoots up 15% on earnings, sales beats

GitLab Inc.’s stock
GTLB,
+0.88%

surged 15% in extended trading Monday after the software company reported quarterly results that surpassed analyst revenue and earnings estimates. GitLab reported a fiscal third-quarter net loss of $285.2 million, or $1.84 a share, compared with a net loss of $48.5 million, or 33 cents a share, in the same quarter a year ago. Adjusted earnings were 9 cents a share. Revenue catapulted 32% to $149.7 million from $113 million in the same quarter a year earlier. Analysts surveyed by FactSet had expected on average a net loss of a penny a share on revenue of $141.5 million. Shares of GitLab have advanced 16.5% this year. The S&P 500 index
SPX,
-0.54%

is up 19%.

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