Why Gitlab Stock Popped Today

Shares of Gitlab (NASDAQ: GTLB) jumped today after the cloud-based DevOps platform beat estimates and raised guidance in its third-quarter earnings report. Gitlab, which provides companies tools to develop software and run IT faster and more efficiently, said that revenue in the quarter jumped 69% to $113 million, which beat the consensus at $106 million and its own guidance. Gitlab's net retention rate in the quarter was 130%, showing existing customers increased spending by 30% over the last four quarters, and the number of customers with annual recurring revenue above $100,000 increased 49%, showing it continued to gain traction with its largest customers.