9/17/2021, 9:07 PM (Source: TeleTrader)
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Microsoft's GitHub rival GitLab files for IPO

GitLab software company, a competitor to Microsoft's GitHub, announced on Friday its plans to go public on the Nasdaq stock exchange under the ticker "GTLB".

The latest quarter brought GitLab a 69% jump in revenue compared to the same period of last year to $58.1 million. However, the company's net loss increased from $9.4 million to $40 million.

The company was valued at $6 billion at the secondary financing round, significantly higher than the $2.7 billion evaluation in 2019.

Baha Breaking the News (BBN) / LH