Summary by Futu AI
GitLab, a leading provider of DevSecOps platforms, has reported a significant increase in revenue and customer growth in its latest quarterly financial report. For the three months ended April 30, 2024, GitLab's total revenue rose to $169.2 million, a 33% increase from $126.9 million in the same period the previous year. This growth was driven by strong demand for GitLab's DevSecOps Platform, new customer acquisitions, and expansion within existing customer accounts. The company's subscription revenue from self-managed and SaaS offerings was a key contributor, accounting for $151.2 million, up 36% year-on-year. Additionally, GitLab saw a 15% increase in license revenue from self-managed and other sources, totaling $18 million. The company's gross margin remained stable at 89%, despite a 35% increase in the cost...Show More