What happened:;GitLab shares had a;record-breaking one-day surge;after the company reported better-than-expected earnings that played up its AI efforts, capitalizing on the ongoing AI boom.
Why it matters:;The software development platform said it delivered five new AI features in Q1 and another five last month. It unveiled plans for its AI-powered "ModelOps" feature, which includes code writing suggestions and is set to launch later this year at $9 a month.
Quotable:;"With AI revolutionizing how companies develop, secure, and operate software, we believe GitLab is positioned as the leading AI-powered DevSecOps platform," said CEO and co-founder Sid Sijbrandij in its;earnings results.
What the numbers say:;In the report, GitLab highlighted its AI credentials, which appeared to impress investors. The software provider surpassed expectations, with revenue reaching $126.9M, a 45% growth.
