Shares of GitLab (NASDAQ: GTLB) have soared more than 36% over the past month, most recently fueled by an exceptional quarterly update last week from the software development, security, and operations (DevSecOps) platform provider.

Indeed, GitLab's third-quarter revenue jumped a better-than-expected 32% year over year to $149.7 million, while its non-GAAP (adjusted) earnings swung positive to $14.4 million, or $0.09 per share, from a loss of $0.10 per share in the year-ago period. Most analysts were anticipating a net loss of $0.01 per share on revenue of $141 million.

Customers have continued to flock to GitLab's platform. Among other things, this has led to 26% growth in the number of clients generating annual recurring revenue (ARR) of at least $5,000, to 8,175. GitLab's large-customer base -- its customers generating ARR of at least $100,000 -- swelled an even more impressive 37%, to 874. And in a testament to GitLab's land-and-expand approach, these customers are consistently spending more on the platform after their first year; the company's dollar-based net retention rate (DNBRR) expanded 4 percentage points last quarter, to 128%.

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Source Fool.com