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Gitlab makes significant stock gains

Written by Fri 18 Mar 2022

Beating expectations, DevOps platform GitLab announced fourth-quarter financial results that reported an increase in revenue of 69% from a year ago to reach $77.8 million. These results are due, in part, to the increasing adoption of DevOps solutions by companies across the world.

According to a report by Fortune Business Insights, the DevOps market is set to grow at an annual rate of almost 20% to reach $14,969 million by 2026. The benefits of embracing a DevOps approach has become increasingly clear for organisations. Not only are deployments able to be made more frequently but they also have a lower change failure rate when compared to other approaches.

According to Sid Sijbrandij, GitLab CEO, customer growth is broad-based, with a range of new customers coming from all company sizes. GitLab customers with more than $1 million of annual recurring revenue (ARR) rose to hit 39, up 95% from the same quarter of the last fiscal year.

“We believe these results demonstrate that the market is moving from DIY DevOps composed of different tools to a DevOps Platform. This shift enables organisations to accelerate the time-to-market of their most important software and applications, providing them with a distinct competitive advantage,” said Sijbrandij.

Now valued at more than $6 billion, GitHub is set for continued growth as DevOps becomes even more mainstream, with new and expansion customers including Deutsche Telekom, the US Army and Travis Perkins.

In an increasingly competitive business ecosystem, the ability for DevOps to speed up time to market is a major selling point. By removing barriers between ops and development, communication is made far easier and feedback can be almost instant. This combination of benefits also translates into more satisfied customers who are able to have their issues dealt with quickly and effectively.

Written by Fri 18 Mar 2022

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