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New Relic, Inc. (NEWR) is a leading software analytics company that delivers real-time performance insights for software, infrastructure, and customer experience to software-driven businesses. These insights enable organizations to innovate faster, reduce complexity, and mitigate risks associated with digital transformation.
Core Business: New Relic's core business focuses on providing a robust platform for application performance management (APM) and monitoring. Their comprehensive suite of tools helps businesses monitor and optimize their software applications, ensuring they run efficiently and effectively. This helps companies to accelerate cloud adoption, streamline DevOps processes, and prepare for critical digital moments.
Recent Achievements: New Relic has made significant strides in the tech industry, consistently releasing updates and new features to enhance their platform. They focus on maintaining cutting-edge technology that supports innovation and agility in software development and IT operations.
Current Projects: The company is actively working on enhancing their observability platform, integrating artificial intelligence and machine learning to provide more predictive analytics. Another key focus is expanding their market reach through strategic partnerships and collaborations.
Financial Condition: New Relic maintains a strong financial standing with continuous growth in revenue, driven by the increasing demand for robust software performance monitoring solutions. The company remains dedicated to investing in research and development to stay ahead of industry trends and meet the evolving needs of their clients.
Partnerships: New Relic collaborates with various technology partners to broaden their service offerings and integrate seamlessly with other platforms. These partnerships enhance their capability to provide comprehensive solutions to a diverse range of clients.
Products: New Relic's product lineup includes tools for APM, infrastructure monitoring, digital experience monitoring, log management, and more. Their platform is designed to deliver end-to-end visibility across the entire software stack, empowering businesses to make informed decisions based on real-time data.
New Relic's mission is to provide unparalleled visibility into the performance and health of applications, enabling companies to deliver optimal digital experiences to their customers. By cutting through the complexity associated with digital transformation, New Relic ensures that businesses can innovate and scale with confidence.
New Relic (NYSE: NEWR) has launched a new Development Center in Hyderabad, India, following the establishment of its first office in Bengaluru earlier this year. This center aims to leverage India's growing tech talent pool to enhance its observability platform, focusing on APM, security, and customer experience. With this expansion, New Relic plans to increase its Hyderabad workforce by 150% within six months. India's market is now New Relic's fastest growth area in Asia, with a commitment to supporting local organizations adopting advanced technologies.
New Relic (NYSE: NEWR) will report its Q2 fiscal year 2023 financial results on November 8, 2022, after market close. The company will host a conference call at 2:00 p.m. PT to discuss the results and future outlook with investors. New Relic specializes in observability, helping engineers with a unified data platform for better software performance and operational efficiency. The company's innovative pricing model offers value to clients, enhancing their data-driven decision-making capabilities.
New Relic (NYSE: NEWR) has appointed Mark Dodds as Chief Revenue Officer, leveraging his extensive experience from AWS and Microsoft to enhance sales and customer adoption. CEO Bill Staples expects the company to surpass its previous quarterly revenue and non-GAAP operating profit guidance for Q2 2023. The leadership transition aims to drive growth within the observability sector, aided by Dodds' operational expertise and focus on consumption models. Recent team expansions also include new financial and product leadership roles, positioning New Relic for accelerated business performance.
New Relic (NYSE: NEWR) has announced support for Amazon VPC Flow Logs via Kinesis Data Firehose, enhancing the process of sending logs to New Relic. This integration allows AWS users to quickly analyze network performance and troubleshoot connectivity issues without affecting throughput or latency. The streamlined delivery encourages better observability and proactive management of applications, crucial for businesses relying on cloud services. The support is available for all New Relic Full Platform users.
New Relic announced the appointment of Siva Padisetty as SVP and GM of Telemetry Data Platform and Global Infrastructure, and Tia Williams as GVP of Design and Product Experience. Padisetty joins from AWS, where he was GM of Management Tools, while Williams comes from Salesforce, where she grew revenue by 75% to $6B. These hires follow the appointment of David Barter as CFO and aim to enhance customer value and drive innovation. New Relic remains a leader in observability, enabling engineers with data-driven solutions.
Pecan AI reported remarkable growth in H1 2022, with a 150% increase in Annual Recurring Revenue (ARR) and a 121% rise in customer count. The platform, designed for business teams, now generates over a billion predictions monthly, impacting billions in revenue. Key hires include Chris Sweeney and Danielle Gotkis. This growth reflects a growing demand for data science capabilities amidst complex macroeconomic conditions, enabling clients to leverage first-party data for strategic decision-making.
New Relic (NYSE: NEWR) has launched its Errors Inbox integrated within Jira Software as part of the Atlassian Open DevOps solution, enhancing software performance monitoring and error tracking for developers. This tool allows users to create Jira Software issues directly from the Errors Inbox, streamlining debugging and error resolution. The collaboration aims to improve the developer experience by providing a centralized platform to manage errors proactively before impacting customers. The Errors Inbox is available for free to all New Relic full platform users and Jira Cloud users.
New Relic has appointed David Barter as its new Chief Financial Officer, effective August 17, 2022. Barter, who previously served as CFO at C3 AI and Model N, brings nearly three decades of finance experience from high-growth companies like Microsoft and General Electric. His focus will be on accelerating New Relic's business goals and ensuring long-term growth strategy. He succeeds Mark Sachleben, who is transitioning to an advisory role after 14 years. Barter is expected to leverage his experience to enhance financial strategies.
New Relic reported a 20% year-over-year revenue increase to $216 million for Q1 FY2023, surpassing expectations. GAAP gross margin stood at 71%, while the GAAP loss from operations improved to $(56) million, down from $(74) million a year prior. Active customer accounts grew to 15,100, with 83% revenue from accounts over $100,000. The company also announced a partnership with Microsoft Azure and received HITRUST certification. For Q2 FY2023, revenue guidance is projected between $219 million and $224 million, reflecting approximately 12% to 14% growth.
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