New Relic (NEWR) Misses Q3 EPS by 3c, Revenues Beat; Lowers FY20 EPS Outlook, Raises FY20 Revenue Guidance, Provides Q4 Views
New Relic (NYSE: NEWR) reported Q3 EPS of $0.09, $0.03 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $153 million versus the consensus estimate of $149.18 million.
Third Quarter Fiscal Year 2020 Financial Highlights:
- Revenue of $153.0 million, compared to $124.0 million for the third quarter of fiscal 2019.
- GAAP loss from operations was $(24.2) million, compared to $(8.5) million for the third quarter of fiscal 2019.
- Non-GAAP income from operations was $3.0 million, compared to $7.8 million for the third quarter of fiscal 2019.
- GAAP net loss attributable to New Relic per basic share was $(0.46), compared to a loss of $(0.18) per basic share for the third quarter of fiscal 2019.
- Non-GAAP net income attributable to New Relic per diluted share was $0.09, compared to $0.19 per diluted share for the third quarter of fiscal 2019.
- Cash, cash equivalents and short-term investments were $736.7 million at the end of the third quarter of fiscal 2020, compared with $771.5 million at the end of the second quarter of fiscal 2020.
“We’re pleased with the feedback and early signs of success we’ve seen from customers adopting the new capabilities across the New Relic One platform,” said Lew Cirne, CEO and founder, New Relic. “With the recent introduction of our platform innovations and new executives, we have the pieces of our strategy in place to capitalize on our immense opportunity to help customers create more perfect software.”
GUIDANCE:
New Relic sees Q4 2020 EPS of $0.02-$0.06, versus the consensus of $0.08. New Relic sees Q4 2020 revenue of $154-156 million, versus the consensus of $155.06 million.
New Relic sees FY2020 EPS of $0.54-$0.59, versus the consensus of $0.64. New Relic sees FY2020 revenue of $594-596 million, versus the consensus of $591.05 million.
- Fourth Quarter Fiscal 2020 Outlook:
- Revenue between $154.0 million and $156.0 million, representing year-over-year growth of between 17% and 18%, respectively.
- Non-GAAP income (loss) from operations of between $(2.0) million and break even.
- Non-GAAP net income attributable to New Relic per diluted share between $0.02 and $0.06.
- Full Year Fiscal 2020 Outlook:
- Revenue between $594.0 million and $596.0 million (up from $588 million and $593 million), representing year-over-year growth of 24%.
- Non-GAAP income from operations of between $19.0 million and $21.0 million (down from $21 million and $25 million).
- Non-GAAP net income attributable to New Relic per diluted share between $0.54 and $0.59 (down from $0.60 and $0.67).
For earnings history and earnings-related data on New Relic (NEWR) click here.