By Daniel Shvartsman
Investing.com - New Relic (NYSE:NEWR) shares dropped 18% in after-hours trading after the monitoring software provider reported a revenue beat but a wider than expected loss in their fiscal Q3.
New Relic reported revenue of $204 million, 22% ahead of last year's number and ahead of analyst estimates of $200.48M. The company also reported a non-GAAP loss of $.18/share, vs. expectations of -$.17/share.
The company, which had a bounceback 2021 after struggling with competition against DataDog and other newer competitors, sounded a note of re-acceleration. "In our third quarter we re-accelerated revenue sequentially and year-over-year, surpassing the high end of our guidance,” said New Relic CEO Bill Staples. New Relic's billings growth supported this momentum story, as they posted 23.3% billings growth, ahead of their revenue growth number.
The company's guidance for their fiscal Q4 calls for revenue of $204-$206 million, vs. expectations of $204.18M, and a loss of $.19-$.22, vs. expectations of a -$.05 loss.