New Relic Sees Q1 Revenue $238M-$240M Vs $251.15M Est.; FY24 Revenue $1.02B-$1.03B Vs $924.24M Est.
Portfolio Pulse from Benzinga Newsdesk
New Relic forecasts Q1 revenue of $238M-$240M, below the $251.15M estimate, and FY24 revenue of $1.02B-$1.03B, above the $924.24M estimate. The company expects 10-11% YoY growth in total revenue and 38% YoY growth in consumption revenue for Q1, and 10-11% YoY growth in total revenue and 30% YoY growth in consumption revenue for FY24.
May 23, 2023 | 8:18 pm
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NEUTRAL IMPACT
New Relic's Q1 revenue guidance is below estimates, while FY24 revenue guidance is above estimates. The company expects strong YoY growth in total and consumption revenue.
New Relic's Q1 revenue guidance is below the estimated $251.15M, which may negatively impact the stock price. However, the FY24 revenue guidance is above the estimated $924.24M, which may offset the negative impact. The strong YoY growth in total and consumption revenue indicates a positive outlook for the company, resulting in a neutral short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100