Shares of New Relic Inc. (NYSE: NEWR) spiked 35% on Tuesday following the release of its quarterly results. The spike comes despite the company reporting a loss of $0.10 per share.
2nd Quarter results
The company reports a better than expected loss of $0.10 per share versus analysts estimate of loss of $0.13 per share. The company posted a loss of $0.07 per share same quarter last year.
Revenue came at $195.69 million topping estimates of $181.9 million as compared to $166.05 million reported same quarter last year.
Bill Staples, the newly promoted CEO of New Relic was pretty pleased with the progress they have made with the 5 strategic objectives recently set by the company to guide them forward. He said:
Today, New Relic has a strong foundation for the future, as we continue our work to help millions of developers and engineers build better software by making observability a daily part of a data-driven engineering approach, across the entire software lifecycle.
New relic reports revenue between $198 million and $202 million for the 3rd quarter, while expecting loss between $(0.15) and $(0.18) per share for the next quarter.
The company also expects net loss per diluted share between $(0.54) and $(0.60) in its full year fiscal 2022 outlook, while revenue represents a growth of 16% and 17% as it amounts to $778 million and $782 million respectively.
Shares of New Relic are up 35% to trade around $123.89 at the time of writing while also setting a new 52 week high. The stock has almost doubled its value this year as it has gained a solid 96% so far.
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