New Relic stock soars after earnings as forecast tops expectations
Shares of New Relic Inc. (NEWR) were surging more than 14% in after-hours action Tuesday after the company topped expectations with its latest results and delivered an upbeat forecast. The software company, which lets companies store and analyze data, generated a fiscal third-quarter net loss of $26.0 million, or 38 cents a share, compared with a loss of $62.7 million, or 96 cents a share, in the year-before quarter. On an adjusted basis, the company earned 32 cents a share, whereas it lost 18 cents a share on the metric a year prior. The FactSet consensus was for 15 cents a share in adjusted earnings. Revenue rose to $239.8 million from $203.6 million, while analysts were modeling $232.7 million. "We are attracting new customers at a rapid pace and growing with our existing customer base as they expand their observability practices and continue with their digital transformation and cloud adoption," Chief Executive Bill Staples said in a release. For the fiscal fourth quarter, New Relic expects $240 million to $242 million in revenue and 20 cents to 23 cents in adjusted earnings per share. The FactSet consensus was for $238.8 million in revenue and 15 cents in adjusted EPS.
-Emily Bary
(END) Dow Jones Newswires
February 07, 2023 18:03 ET (23:03 GMT)
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