New Relic shares hurdle 14% on sales, earnings beat

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Shares of New Relic Inc. NEWR, +4.32% initially jumped 14% in extended trading Monday after the maker of cloud-based software reported fiscal second-quarter results that topped Street estimates and raised guidance for fiscal 2022. New Relic reported a net loss of $48.1 million, or 84 cents a share, compared with a net loss of $47.9 million, or 79 cents a share, in the year-ago quarter. Adjusted for one-time items, Relic lost $6.4 million, or 10 cents a share. Revenue jumped 18% to $195.7 million from $166.1 million a year ago. Analysts surveyed by FactSet had expected a net loss of 13 cents a share on revenue of $182.2 million. New Relic’s stock is up 39% so far in 2021, while the broader S&P 500 index SPX, +0.09% has gained 25% this year.

This article was originally published by Marketwatch.com. Read the original article here.

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