- New Relic (NYSE:NEWR) up over 25% after yesterday's fiscal second-quarter results beat top and bottom-line (adjusted) estimates.
- Revenue grew 18% on the year to $196M, above the consensus of $182.2M. Adjusted EPS topped estimates by three cents.
- "Our percentage of revenue from active customer count over $100,000 ticked above 80% for the first time".
- "This quarter, our total paid customer count is growing again with over 14,300 customers now paying for services from New Relic (NEWR)".
- "Our goal is to migrate more than 80% of the business by the end of this fiscal year. 76% of committed revenues are now on the new model".
- Non-GAAP loss from operations was $(6.4)M, compared to $(5.3)M for the second quarter of fiscal 2021.
- Cash, cash equivalents and short-term investments were $784M at the end of the quarter.
- Key operating metrics:
- For Q3, New Relic sees $198-202M in revenue, well above the consensus of $183.2M; sees loss per share of $0.15-$0.18 vs. the loss of $0.09.
- The FY22 view raises revenue to $778-782M (Prior: $730-736M; consensus: $733.9M) and EPS of -$0.54 to -$0.60 (Prior: -$0.49 to -$0.52; consensus: -$0.52).
- In addition, JPMorgan analyst Sterling Auty upgraded New Relic to Overweight with a PT of $150.
- Previously (Nov. 8): New Relic EPS beats by $0.03, beats on revenue.
- Related: New Relic, Inc. (NEWR) CEO Bill Staples on Q2 2022 Earnings Call Transcript.