GitLab (NASDAQ:GTLB) shares surged more than 27% intra-day today after the company delivered a strong start to the year pairing top-line outperformance with margin expansion, both of which carried through into increased guidance by more than the beat.

Q1 EPS was ($0.06), above the Street estimate of ($0.14). Revenue came in at $126.9 million, beating the Street estimate of $117.84 million.

Management anticipates Q2/24 EPS to be in the range of ($0.03)-($0.02), compared to the Street estimate of ($0.08), and revenue in the range of $129-$130 million, compared to the Street estimate of $127 million.

For the full 2024 year, management expects EPS in the range of ($0.18)-($0.14), compared to the Street’s ($0.26), and revenue in the range of $541-$543 million, compared to the Street’s $533 million.