GitLab Q1 revenue rises on higher platform usage; to cut 14% of workforce
GitLab Q1 revenue rises on higher platform usage; to cut 14% of workforce
Overview
DevSecOps platform's fiscal Q1 revenue rose 23% yr/yr to $264.2 mln
Adjusted EPS for fiscal Q1 was $0.23
Company repurchased 2.4 mln shares and announced 14% workforce reduction post-quarter
Outlook
GitLab sees Q2 revenue between $272 mln and $274 mln
Company expects FY 2027 revenue of $1.112 bln to $1.118 bln
GitLab expects FY 2027 non-GAAP diluted net income per share of $0.79 to $0.82
Result Drivers
AI PLATFORM TRACTION - Co said accelerating platform activity and traction from GitLab Duo Agent Platform supported Q1 results, per CEO Bill Staples
CUSTOMER EXPANSION - Number of customers with over $100,000 ARR grew 18% yr/yr, supporting revenue growth
CLOUD & AI PARTNERSHIPS - Co deepened integration with Anthropic’s Claude models and announced collaborations with AWS and Google Cloud, broadening platform capabilities
Company press release: ID:nBwqHCBZa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Revenue |
| $264.15 mln |
|
Q1 Adjusted EPS |
| $0.23 |
|
Q1 EPS |
| -$0.03 |
|
Q1 Gross Margin |
| 86% |
|
Q1 Adjusted Gross Margin |
| 88% |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 19 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the software peer group is "buy."
Wall Street's median 12-month price target for GitLab Inc is $28.50, about 15.7% below its June 1 closing price of $33.79
The stock recently traded at 39 times the next 12-month earnings vs. a P/E of 25 three months ago
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)