GitLab Inc. (NASDAQ:GTLB) reported better-than-expected results for its third quarter and issued strong forecast for FY23.

GitLab said third-quarter revenue increased 69% year-over-year to $112.98 million, which beat analysts’ estimates of $106.5 million. The company reported a quarterly adjusted net loss of 10 cents per share, which beat estimates for a loss of 15 cents per share.

GitLab said it sees full-year revenue to be between $420.5 million and $421.5 million versus estimates of $413.71 million. The company anticipates a full-year loss between 55 cents and 56 cents per share versus estimates for a loss of 65 cents per share.

GitLab shares jumped 11.8% to trade at $42.87 on Tuesday.

These analysts made changes to their price targets on GitLab ahead of the release of quarterly results.