GitLab's stock experienced a significant surge of over 35 percent following the software development platform's announcement of an upcoming AI
The anticipated product is slated for launch within this year, with a subscription cost of US$9 per month, as stated by GitLab. Bank of America analysts, led by Koji Ikeda, expressed their optimism in an investor note, recognizing the potential of this product to be a substantial growth driver in FY25.
As a result of the announcement, GitLab's stock experienced its most significant single-day percentage increase since going public in 2021, rising as much as 35.4 percent.
Additionally, GitLab reported impressive financial results for the first quarter of this year, with a revenue of US$126.9 million ($190 million), surpassing the Refinitiv consensus estimate and the company's own earlier forecasts. Consequently, several analysts have raised their price targets for GitLab's stock in response to this positive news.
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