Shares of software development platform Gitlab (NASDAQ: GTLB) rallied 17.8% for the week through Thursday trading, according to data from S&P Global Market Intelligence. The stock was down in Friday trading.

Gitlab's software development platform is catching on big in the age of AI, which was reflected in its second-quarter results reported on Tuesday.

In its second quarter, Gitlab grew revenue 31% to $182.6 million, with adjusted (non-GAAP) earnings per share of $0.15, up from just $0.01 last year. Both figures handily beat expectations. The company also raised its guidance for the full year to $743 million at the midpoint, up from $735 million as of the prior quarter, and raised its adjusted profit guidance from $36 million to $56 million. Adjusted operating margins expanded by an incredible 13 percentage points, from (3%) to 10%.

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Source Fool.com