Gitlab Inc (NASDAQ:GTLB) stock rose 6.98% (As on Mar 15, 11:58:07 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 22 and gave guidance that came in above expectations. The customers with more than $5,000 of ARR increased to 4,593, up 67% from Q4 of fiscal year 2021. Customers with more than $100,000 of ARR increased to 492, up 74% from Q4 of fiscal year 2021. Customers with more than $1 million of ARR increased to 39, up 95% from Q4 of fiscal year 2021. Dollar-Based Net Retention Rate above 152% in Q4 of fiscal year 2022. The company’s new and expansion customers included Deutsche Telekom, the US Army, and Travis Perkins.

GTLB in the fourth quarter of FY 22 has reported the adjusted loss per share of 16 cents, beating the analysts’ estimates for the adjusted loss per share of 25 cents. The company had reported the adjusted revenue growth of 69 percent to $77.8 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $70.29 million.

During the quarter, GitLab announced it had acquired the open-source observability software startup Opstrace Inc. for an undisclosed fee. Opstrace’s observability software is used by developers to collect data that can help them to troubleshoot problems with cloud-hosted applications. GitLab said it will integrate Opstrace’s software into its flagship product, the GitLab DevOps Platform.

Looking to the first quarter, GitLab expects a loss to be in the range of 27 to 28 cents per share on revenue of $77 million to $78 million. That was also better than expected, with Wall Street forecasting a loss of 30 cents per share on sales of $72.75 million. Q1 Non-GAAP operating loss is expected to be in the range of $(38.5) – $(37.5).

For fiscal year 2023, the company expects revenue to be in the range of $385.5 – $390.5, Non-GAAP operating loss to be in the range of $(142.0) – $(138.0) and Non-GAAP net loss per share to be in the range of $(1.02) – $(0.97).

The guidance includes $6.5 million and $30.0 million in expenses, for first quarter of fiscal 2023 and full year fiscal 2023, respectively, for our joint venture in China, GitLab Information Technology (Hubei) Co., LTD (“JiHu”) and Meltano, Inc., the majority owned subsidiary, that are consolidated in the financials.