New Relic stock rises after earnings beat estimates
New Relic Inc. shares rose roughly 5% in the extended session Wednesday after beating earnings and revenue expectations. The company reported fiscal third-quarter net losses of $8.4 million, or 18 cents a share, compared with losses of $7.7 million, or 14 cents a share, in the year-ago period. Adjusted for items such as stock-based compensation, among other things, earnings were 19 cents a share. Revenue rose to $125 million from $91.8 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of a 12 cents share on revenue of $120.1 million. For the fiscal fourth quarter, analysts model adjusted earnings of 3 cents a share on revenue of $126 million. New Relic said it expects fiscal fourth-quarter adjusted earnings of 4 cents to 6 cents a share and revenue of between $126.5 million and $128.5 million. New Relic stock has gained 79% in the past year, with the S&P 500 index rising 1.6%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.