Shares of software-monitoring company New Relic (NYSE: NEWR) were up on Friday after financial results for the first quarter of its fiscal 2023 surpassed expectations. New Relic stock finished the session up 10%.

At the end of its fiscal 2022, New Relic management guided for Q1 revenue of $214 million on the high end. Today management announced it generated Q1 revenue of $216 million. Not only did this beat guidance, it also represented a strong year-over-year growth rate of 20%. 

New Relic's adjusted profitability was also better than expected. Its guidance was not in accordance with generally accepted accounting principles (GAAP). But it had guided for a non-GAAP loss from operations of $23 million to $25 million. Q1 was much better than this in reality, with a non-GAAP loss from operations of $17 million.

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Source Fool.com