GitLab is on a $559 million revenue run rate exiting the third quarter with 8,175 base customers. While that quarter is garnering Wall Street attentio

GitLab sees traction as it competes against GitHub, Atlassian

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2024-11-05 11:30:04

GitLab is on a $559 million revenue run rate exiting the third quarter with 8,175 base customers. While that quarter is garnering Wall Street attention, enterprises should focus on the competitive dynamics moving GitLab's results as its DevSecOps platform gains traction.

The company reported third-quarter revenue of $149.7 million, up 32% from a year ago, with a net loss of $1.84 a share. Non-GAAP earnings for the third quarter checked in at 9 cents a share.

Gitlab's portfolio includes GitLab Duo, a suite of AI tools, and a platform for agile development, automated software delivery, source code management, security and compliance and continuous integration and delivery.

"Gitlab is on a path to break half a billion in revenue for the first time in its history, fueled by software powered enterprises. Whether the security angle of its DevOps product is the key driver remains to be seen, as the market and the competition is growing."

Jira switching to cloud-only model opens the door. GitLab CEO Sid Sijbrandij said Atlassian Jira customers are evaluating platforms and GitLab is competitive. He said: