New Relic (NEWR) Stock Rose 16% In Extended Session – What Drove The It?

New Relic Inc. (NYSE: NEWR) has advanced 15.81% at $74.79 in after-hours trading hours on the last check Tuesday after the all-in-one observability platform for every engineer announced its quarterly results.

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How did NEWR perform?

This quarter, New Relic (NEWR) focused relentlessly on its customers’ satisfaction, product innovation, and strong operations, exceeding both revenue and profitability guidance.

The third quarter revenue of New Relic was $239.8 million, an increase of 18% from the previous year. Gross margin increased 8.2% YoY and the non-GAAP gross margin was 77.6%. Loss from operations improved $22.8 million YoY and $16.2 million QoQ, with non-GAAP operating income increasing by $29.3 million YoY and $11.8 million QoQ.

Operating margin increased 13.4% YoY and non-GAAP operating margin increased 13.0% YoY. Net loss per share for the quarter was $(0.38), compared to $(0.96) the previous year, while non-GAAP net income per share was $0.32, compared to a loss of $(0.18) the previous year. The company had $800.2 million in cash, cash equivalents, and short-term investments.

Business Highlights

The company added over 800 new paid customers during the 3rd quarter and gained enterprise customers. It launched Vulnerability Management for general availability and an Azure Native service for Azure customers. The company also launched change tracking, upgraded error tracking, and other innovations for developers. New Relic continues to grow its technology partner ecosystem with over 525 integrations with cloud services and open-source tools.

How NEWR is moving ahead?

As the adoption of cloud technology continues to grow, New Relic (NEWR) is well-positioned to benefit from this trend. The company’s platform is designed to be flexible and scalable, allowing it to grow with its customer base as they expand its observability practices. Additionally, New Relic is continuously focused on profitable growth, which is evident in its increasingly profitable financial performance. Overall, NEWR’s unique combination of observability and consumption is driving growth and setting the company apart from its competitors. With its innovative platform and a strong focus on profitability, NEWR is well-positioned for continued success in the future.

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