How GitLab overcame a 'cautious' spending environment: CFO

Shares of GitLab (GTLB) are climbing after the company beat its second quarter earnings expectations on both the top and bottom lines and lifted its full-year revenue guidance. GitLab CFO Brian Robins joins Morning Brief to discuss the software company's earnings results and the key areas contributing to its success.
"We've seen the demand environment be more stable. We delivered 31% year-over-year revenue growth and we did that with an impressive non-GAAP (Generally Accepted Accounting Principles) gross margin of 91%. And so we're seeing strength really in the enterprise and our Ultimate product, which is Gitlab's highest-price product, which really combines security and compliance," Robins tells Yahoo Finance.
He notes that while the overall spending environment remains "cautious," GitLab has been able to overcome the challenge through the value it provides with its services. He explains, "The great thing about GitLab is we're really easy to implement. And so the time to value and business outcome is really quick. We did a Forrester total return on investment study and it's over 400%... and payback period for Ultimate product is less than six months."
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