GitLab announced that it will launch an AI product that can increase revenue, and its stock price rose 35.4%.

IT Home News on June 7, online code hosting platform GitLab announced that it will launch an artificial intelligence (AI) product that can increase revenue. As a result, GitLab shares rose more than 35% on Tuesday.

According to reports, GitLab will add the "ModelOps" function to its main "DevSecOps" platform, which can provide users with a series of new functions including code assistants. GitLab said late Monday that the product is expected to be launched this year and will cost $9 per month (IT Home Note: currently about 64 yuan).

Affected by this news, GitLab's closing stock price rose as much as 35.4% on Tuesday, which was the company's largest single-day rise since it went public in 2021.

GitLab said on Monday that its first-quarter revenue rose 45% to $126.9 million (IT House Note: currently about 904 million yuan), exceeding Refinitiv consensus estimates and the company’s previous forecasts. Several analysts raised their price targets on GitLab stock following the news.

An average of 18 analysts recommend buying GitLab stock, with a median price target of $53.50, according to Refinitiv data.

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