New Relic beats Q2 estimates, shares up after hours
New Relic published solid second quarter financial results Monday after the bell, meeting targets for both earnings and revenue.
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The software analytics company posted a net loss of $14.3 million, or 28 cents per share. Non-GAAP losses narrowed to 9 cents per share on revenue of $63.4 million, up 48 percent year over year.
Wall Street was bracing for a loss of 17 cents per share on revenue of $62 million.
Elsewhere on the balance sheet, New Relic counted approximately 14,538 organizations under its customer umbrella at the end of the second quarter. The company also said it has expanded its relationships and inked new deals with the likes of with Cisco, Domino's Pizza Enterprises, HubSpot, Hyatt Corporation, and Stitch Fix, among others.
As for the current quarter, Wall Street is expecting a loss of 14 cents per share with $65.2 million in revenue.
New Relic responded with a Q3 revenue guidance range of $65.5 million and $66.5 million, with an earnings per share loss between 14 cents and 16 cents.
For the year, New Relic expects revenue between $255 million and $258 million, which would represent year-over-year growth of nearly 42 percent. The guidance is in line with the current Wall Street estimate of $253 million in revenue.
New Relic's shares were up more than 7 percent in late trading Monday.
New Relic also made a few product announcements Monday around its infrastructure and cloud monitoring portfolio. Here's the recap:
- A new Unified Dashboards that make it easier to chart data within New Relic Insights and the option to use out-of-the-box charts.
- A Mobile Crash Analysis tool that helps teams reduce the time it takes to fix app crashes and better understand why a crash occurred.
- The release of New Relic Infrastructure, a component of the New Relic Digital Intelligence Platform. The company said it provides full-stack visibility and analytics into cloud performance hybrid infrastructure.