Q3 23 EPS
$-0.10
BEAT +33.33%
Est. $-0.15
Q3 23 Revenue
$113.0M
BEAT +6.54%
Est. $106.1M
vs S&P Since Q3 23
-120.9%
TRAILING MARKET
GTLB -29.2% vs S&P +91.7%
Market Reaction
Did GTLB Beat Earnings? Q3 2023 Results
GitLab posted a notably strong third quarter of fiscal 2023, beating Wall Street on both the top and bottom lines as 69.1% year-over-year revenue growth to $112.98 million came in ahead of the $106.05 million consensus estimate. The DevOps platform a… Read more GitLab posted a notably strong third quarter of fiscal 2023, beating Wall Street on both the top and bottom lines as 69.1% year-over-year revenue growth to $112.98 million came in ahead of the $106.05 million consensus estimate. The DevOps platform also reported a non-GAAP loss of $0.10 per share, clearing the $0.15 consensus estimate by 33.33%, with the improvement driven in large part by a roughly 1,700 basis point year-over-year gain in non-GAAP operating margin as the company scaled its subscription business, which alone contributed $98.44 million in revenue. Management attributed the momentum to enterprises consolidating fragmented development toolchains onto a single platform, a trend CEO Sid Sijbrandij argued is accelerating amid cost-cutting pressures across the industry. Customers spending more than $100,000 in annual recurring revenue grew 49% to 638, underscoring durable expansion within the installed base. Looking ahead, GitLab guided Q4 revenue of $119.00 million to $120.00 million, with full fiscal year 2023 revenue expected in the range of $420.50 million to $421.50 million.
Key Takeaways
- • 69% year-over-year organic revenue growth
- • Non-GAAP operating margin improved by approximately 1,700 basis points year-over-year
- • Dollar-based net retention rate exceeded 130%
- • Customers with more than $5,000 ARR increased to 6,469, up 59% year-over-year
- • Customers with more than $100,000 ARR increased to 638, up 49% year-over-year
GTLB YoY Financials
Q3 2023 vs Q3 2022, source: SEC Filings
GTLB Revenue by Segment
With YoY comparisons, source: SEC Filings
“Companies cannot afford to slow down their software innovation. In today's turbulent economic climate, they are turning to solutions like GitLab to reduce costs, drive efficiencies, fuel a fast pace of innovation, and meet customer demands. Our Q3 business results demonstrate GitLab's value proposition as a mission critical DevSecOps platform for software innovation is resonating.”
— Sid Sijbrandij, Q3 2023 Earnings Press Release
GTLB Earnings Trends
GTLB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GTLB EPS Trend
Earnings per share: estimate vs actual
GTLB Revenue Trend
Quarterly revenue: estimate vs actual
GTLB Quarterly Results
10 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 BEAT | $0.20 | $0.23 | +12.30% | $264.2M | +3.79% |
| Q4 26 BEAT FY | $0.23 | $0.30 | +29.98% | $260.4M | +3.24% |
| FY Full Year | $0.89 | $0.96 | +7.29% | $955.2M | +0.86% |
| Q3 26 BEAT | $0.20 | $0.25 | +24.01% | $244.4M | +2.11% |
| Q2 26 BEAT | $0.16 | $0.24 | +46.25% | $236.0M | +3.86% |
| Q1 26 BEAT | $0.15 | $0.17 | +11.77% | $214.5M | +0.61% |
| Q4 25 BEAT FY | $0.23 | $0.33 | +44.67% | $211.4M | +2.40% |
| FY Full Year | — | $0.74 | — | $759.2M | — |
| Q3 25 BEAT | $0.16 | $0.23 | +44.38% | $196.0M | +4.14% |
| Q2 25 BEAT | $0.10 | $0.15 | +50.00% | $182.6M | +3.22% |
| Q3 24 BEAT | $-0.01 | $0.09 | +1,000.00% | $149.7M | +5.78% |
| Q3 23 BEAT | $-0.15 | $-0.10 | +33.33% | $113.0M | +6.54% |