Shares of GitLab soared over 8% in after-hours trading after the company’s quarterly results beat analyst expectations for earnings and revenue.
For FY2027 Q1, the code development and security platform posted:
Revenues of $264.2 million (estimate: $254 million).
Adjusted earnings per share of $0.23 (estimate: $0.21).
In a press release, GitLab CEO Bill Staples wrote, “The agentic era is creating structural tailwinds for GitLab, and Q1 showed it clearly with accelerating platform activity and promising traction from GitLab Duo Agent Platform.”
As AI eats the software development world, platforms for human coders like GitLab are facing some existential threats. Last month, GitLab shares dropped after it announced a restructuring plan, slashing its country footprint by 30%, and today it confirmed that 350 team members would be cut. The company said it expects the restructing to be complete by the end of FY 2027.
Shares of GitLab were down about 15% year to date heading into the report.