GitLab posted solid results for the third quarter of this year. Revenue totalled €108 million ($113 million). DevOps professionals continue to value the company’s software.
GitLab managed to book €108 million ($113 million) in sales in the third quarter of 2022, up 69 percent from the same period in 2021. GitLab’s stock rose 20 percent after the announcement. The company’s software solutions help DevOps professionals collaboratively create, deploy and manage software.
GitLab managed to bring in more customers over the past few months. The company had 6,469 clients at the end of the third quarter of 2022. Each customer generated an average revenue of $5,000, up 59 percent from last year.
Reasons for revenue growth
According to GitLab CEO Sid Sijbrandij, the quarterly figures show that companies cannot afford to put their software innovation on hold. Sijbrandij indicated that companies increasingly turn to DevOps solutions to lower costs in turbulent economic times.
The CEO added that GitLab is valued due to the software’s ability to meet customer needs, improve efficiency and boost innovation. The DevOps developer expects sales of around €113 million for the fourth quarter of this year.