RTTNews | Aug 5, 2020 09:58AM EDT

09:58 Wednesday, August 5, 2020 (RTTNews.com) - Shares of New Relic, Inc. (NEWR) are losing almost 24 percent or $17.56 in Wednesday's morning trade at $55.94 after the software-as-a-service company reported a wider net loss for the first quarter.

Tuesday, New Relic reported first-quarter attributable net loss of $29.76 million or $0.50 per share, wider than net loss of $15.17 million or $0.26 per share in the prior-year period. Adjusted earnings were $0.15 per share, compared to $0.19 per share in the year-ago period. However, revenue for the quarter grew to $162.59 million from $141.01 million a year ago.

For the second quarter, New Relic projects revenue between $163 million and $164 million, and adjusted results between loss of $0.03 per share and earnings of $0.02 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $0.04 per share on revenues of $162.89 million. Analysts' estimates typically exclude special items.

New Relic has traded in a range of $33.49 to $74.20 in the past 52 weeks.

Read the original article on RTTNews ( https://www.rttnews.com/3118543/stock-alert-new-relic-tumbles-24-after-q1-results.aspx)

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