GitLab Stock Rises 14% As Q2 Revenue Jumps

(RTTNews) - GitLab Inc. (GTLB) shares are currently trading at $51.41, up $6.32, or 14.01 percent on Wednesday, after the software company reported strong second-quarter revenue growth the previous day. The results showed continued expansion in its subscription business, although the company remained unprofitable during the quarter.

GitLab closed the previous session at $45.09 and opened at $55.24 on the Nasdaq. The stock has traded between $50.20 and $55.55 during the session, with volume at 13.35 million shares, compared with average volume of 4.90 million. Its 52-week range is $18.73 to $55.55.

GitLab reported revenue of $286.254 million, up from $235.960 million a year earlier. Subscription revenue increased to $258.311 million from $212.684 million, while license revenue rose to $27.943 million from $23.276 million. The company reported a net loss of $36.844 million, or $0.22 per share, compared with a net loss of $9.208 million, or $0.06 per share, a year earlier.