New Relic CEO admits 'we did not execute' as stock plunges 29% on weak guidance [CNBC]
New Relic, Inc. (NEWR)
Last new relic, inc. earnings: 2/4 04:05 pm
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Source: CNBC
New Relic CEO admits 'we did not execute' as stock plunges 29% on weak guidance Lew Cirne, CEO, New Relic Scott Mlyn | CNBC It's not uncommon for public companies to report disappointing numbers. But you don't often see a CEO blaming the shortfall on poor execution. On Tuesday, The stock plunged 29% on Wednesday, by far its steepest drop ever, closing at $59.78. "While revenue was above our guidance for the quarter, we did not execute well enough to meet quarterly sales and head count targets," Cirne said. "We are not pleased with these results, but we do believe they are an anomaly limited to the first half of the fiscal year." New Relic sells software that helps businesses track applications to immediately spot and fix bugs, an increasingly important task as software and cloud computing become a bigger part of every company's operations. Its top competitors include AppDynamics, which Cisco Dynatrace There's also emerging competition from Datadog and SignalFx, two companies focused o
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