Posted on Friday, Sep 18th 2020
According to a recent report
, the global Application Performance Management (APM) industry is expected to grow at 15% CAGR to reach $6.7 billion by 2025. New Relic (NYSE: NEWR) recently announced its quarterly results that mirrored these growth expectations. New Relic’s Financials
For the first quarter, New Relic’s revenues grew 15% to $163 million, ahead of the analysts’ estimates of $159.7 million. GAAP loss grew from $16.9 million a year ago to $26.1 million. Non-GAAP income from operations was $7.6 million compared with $7.4 million a year ago. Adjusted non-GAAP net income earnings of $0.15 per share surpassed the market’s forecast of $0.03 per share.
Among key metrics, customers with more than $100,000 in revenues grew to 1,025 from 881 a year ago. 76% of ARR was from Enterprise Paid Business Accounts compared with 70% a year ago. Dollar-Based Net Expansion Rate for the third quarter was 100%, compared to 109% last year.
For the second quarter, New Relic forecast revenues of $163-$164 million with non-GAAP net loss per diluted share of $0.03-$0.02. The Street was looking for revenues of $155.06 million for the quarter with an EPS of $0.08 per share.
New Relic’s Product Expansion
Last quarter, New Relic continued to expand its market presence through product upgrades. It delivered several updates to New Relic One. The upgrade includes Telemetry Data Platform that can collect, visualize, and alert on all types of application and infrastructure data at petabyte scale; full-stack observability to easily analyze and troubleshoot the entire software stack across APM and applied intelligence to detect, understand, and resolve incidents faster. Its comprehensive APM capabilities and a fully managed SaaS system will help it drive improvements in customer and engineer experience. It also announced the simplification of its portfolio by reducing from 11 SKUs to only three comprehensive products on one platform.
New Relic is attracting newer customers by offering a new pricing model that will help define how companies prefer to consume their observability platforms in the future. It introduced a perpetual free offering for New Relic One so that every engineer can have instant access to its observability platform.
Its stock is trading at $57.74 with a market cap of $3.4 billion. It touched a 52-week high of $74.20 in April last year. The stock has been steadily declining over the last year and the recent turbulence has not helped it much. It hit a 52-week low of $33.49 in March.
Photo Credit: Danae Pollack/Flickr.com This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . ServiceNow Grows Through Addition of Capital-Efficient Startups . Zendesk and Freshworks Follow Different Acquisition Strategies . Tableau Grows Through Small Acquisitions . Open Platform Strategy Stands Intuit in Good Stead . Will GoDaddy Follow the PaaS Route? . Adobe Delivers Via PaaS More »» . A Look at Oracle’s 2018 M&A Activity . What Apps Will Drive More Traction for Cloudera? . Slack's App Focus Will Be Key to Post-IPO Success . IBM Counts on its Cloud and Platform for the Turnaround . Atlassian Acquires From its PaaS Marketplace . What Should SAP Acquire to Triple its Value by 2023? . Expect ServiceNow to Acquire From App Marketplace . 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ON24 Goes Public with $42B TAM as Covid Puts Webinars and Virtual Events Front and Center . Amazon After Jeff Bezos . ServiceNow Firing on All Cylinders But One . Snowflake Focuses on Developer Community for Growth . Is SAP Acquiring Alteryx? . Qualys Focuses on SaaS App Security . SurveyMonkey Remains Focused on APIs, ISV PaaS Still Missing . Domo Needs to Open up About PaaS Metrics . Like Wix, GoDaddy Needs to Focus on PaaS . Datadog on an Acquisition Spree . Twilio Soars, Focuses on Social Initiatives . HubSpot Expands Content Offering Through Acquisition . Zendesk Adds Products, While Freshdesk Keeps Acquiring . Shopify and BigCommerce Building API-based Ecosystems . RingCentral Acquires and Adds Partners, But PaaS is Still Missing . Acquisitions and Product Upgrades are the Mantra for Palo Alto Networks . Salesforce can Transform Slack PaaS, But Acquisition Still Pending . After Acquisitions, Five9 Focuses on Channel and Network Partnerships . 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Five9's Partnerships Translating to Product Innovations . DocuSign Sees Digital Signature Trends Here to Stay . Market Leader Tenable Leverages Acquisitions for Growth . Analysis of Zscaler's Recent Two Acquisitions . Analysis of Rapid7's Velocidex Acquisition . Dropbox Expands in International eSignature Market . MongoDB Rides High on Five Years of Atlas . RingCentral Leverages Partnerships for Growth . BlackLine Remains Focused on SAP . ON24 Expands Marketing Offerings . Analysis of Magnite's Spot X Acquisition . PagerDuty Focuses on Integrations . Analysis of Bill.com's Divvy Acquisition . C3.ai Doubles Down on Partnerships . Analysis of Coupa's Pana Acquisition . BigCommerce Eyes a Bigger Marketshare Through Walmart Tie-up . Analysis of Everbridge's xMatters Acquisition . Adobe's Digital Solutions Drive Stellar Growth . CrowdStrike Leads in Endpoint Security Through Tie-ups . Snowflake Focuses on Expanded Partner Program to Drive Growth . 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Palo Alto Networks Expands Security Capabilities . RingCentral Cashing in on the Hybrid Work Environment . Splunk Tackles Decelerating Growth with Product Upgrades . MongoDB's Atlas Capabilities Expand to the Government Sector . Analysis of Bill.com's Invoice2Go Acquisition . DocuSign Banks on Agreement Cloud . Smartsheet's Expanding Use Cases . Analysis of Salesforce's Servicetrace Acquisition . Zscaler Focuses on Federal Agencies . Coupa Launches PaaS Strategy . Analysis of BlackLine’s Kyriba Partnership . PagerDuty's Expanding Integration Portfolio . Analysis of Tenable's Accurics Acquisition . Upstart’s Improving AI Algorithm in FinTech Consumer Lending . Analysis of C3.ai's Growing Partnerships . Analysis of Veeva's Learnaboutgmp Acquisition . Analysis of Adobe's Frame.io Acquisition . Snowflake Focuses on the Financial Services Sector . CrowdStrike Expands Government Offerings . Zoom Focuses on Expanding Reseller Offerings . Dropbox Focuses on Content Creators with New Product . Analysis of Okta's atSpoke Acquisition . Sumo Logic Leverages Red Hat Marketplace . Analysis of Dynatrace's SpectX Acquisition . Tuya Prepares to Address the Chip Shortage . Analysis of Appian's Lana Labs Acquisition . Analysis of Qualtrics's $1.125B Clarabridge Acquisition . Fastly Addresses Latency Issues for Developers . Alarm.com Leverages AI for Growth . Analysis of IBM's Rego Acquisition . Analysis of Unity's Parsec Acquisition . UiPath Envisions Advanced ML Capabilities . Microsoft Teams Lags Far Behind Zoom . Analysis of ServiceNow's Gekkobrain Acquisition . Google Attempts to Gain Ground in Cloud and AI . Atlassian Expands Beyond IT Offerings . Amazon Addresses Margin Pressures Through Product Upgrades . Twilio Leverages Segment Platform for Product Expansion . Shopify Expands PaaS Integrations . Analysis of Zendesk's $4.1B Momentive Acquisition . HubSpot Becomes a Stickier Platform . Analysis of Alteryx's Acquisitions . Wix Focuses on Fitness Services Providers . Pure Storage Partners with Microsoft Azure to Address Chip Shortage Concerns . Analysis of Salesforce's LevelJump Acquisition . Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence . 25 Cloud Stocks to BUY in 2022 . IBM Realigns its Portfolio to Focus on AI and Hybrid Cloud . Analysis of ServiceNow's DotWalk Acquisition . Analysis of Atlassian's Percept.AI Acquisition . Should Microsoft Break Itself Up? . Google Focuses on AI Enhancements . Amazon to Test Prime Customer Stickiness . Bill.com Continues Focus on Services for the SMB Segment . Analysis of GoDaddy's Pagely Acquisition . HubSpot's PaaS Keeps Growing . Freshworks Targets IT Operations Management Market . 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Freshworks' Bots Make Customer Interactions Easier