New Relic beats Q1 estimates, names new sales executive

A week after a major update to its observability platform, New Relic has named a new executive vice president of sales for the Americas region.

New Relic published better-than-expected first quarter financial results on Tuesday. The firm, which offers an IT observability platform, also named John Siebert as its new executive vice president of sales for the Americas region. 

Siebert will join New Relic on August 31, reporting to president and COO Michael Christenson.

Siebert has more than 20 years of experience leading sales organizations and most recently served as vice president of the Americas at Forter, an ecommerce fraud protection firm. Previously, he was SVP of east sales at MongoDB, chief sales officer at 24/7, and he held a variety of sales leadership positions at CA Technologies.

In a statement, Christenson said Siebert will "help lead New Relic to our next phase of growth." 

Last week, New Relic announced a major update to its New Relic One platform

As far as quarterly results go, New Relic's Q1 non-GAAP net income was 15 cents per share on revenue of $163 million, up 15 percent year-over-year.  

Analysts were expecting earnings of 3 cents per share on revenue of $159.4 million. 

Q1 annual recurring revenue (ARR) as of June 20 was $648 million. As much as 76 percent of ARR was from paid business accounts greater than $100,000. The company had a total of 1,025 paid business accounts greater than $100,000 as of June 20, compared with 881 a year prior.

In a statement, CEO Lew Cirne highlighted the company's platform update. 

"Last week, we delivered the latest iteration of New Relic One, simplifying our full observability platform into three powerful products that will help our customers increase developer productivity by removing cost as a barrier to observability," Cirne said. "We believe this announcement truly differentiates our offering in the market, and most importantly demonstrates our commitment to serving the needs of modern software developers."

For the second quarter of fiscal 2021, New Relic expects revenue between $163 million and $164 million.