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Why New Relic Stock Crashed Today

TheMotleyFool

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Why New Relic Stock Crashed TodayPhoto, wide shot, wide-angle lens, Consumer electronics manufacturer, Midday, harsh overhead sunlight, directional sunlightt, photo by Peter Lik: https://img.midjourneyapi.xyz/temp/0defe5ca-333a-451e-9549-4f262e278fc7.png

Shares of New Relic (NYSE: NEWR) tumbled on Wednesday after the cloud software company reported its fiscal first-quarter results. While New Relic beat analyst expectations across the board, the stock was down 26% at noon EDT today.

New Relic reported first-quarter revenue of $162.6 million, up 15.3% year over year and $3.65 million higher than the average analyst estimate. Adjusted earnings per share came in at $0.15, down from $0.19 in the prior-year period but $0.12 higher than analysts were expecting. The GAAP net loss nearly doubled to $0.50 per share.

Image source: Getty Images.

Source Fool.com

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