RTTNews | Nov 9, 2021 10:45AM EST

10:45 Tuesday, November 9, 2021 (RTTNews.com) - The California-based tech company, New Relic, Inc. (NEWR), shares jumped 30% higher in the Tuesday market on adjusted loss beating Street estimates in the third quarter.

The net loss reported by the company was $53.77 million or $0.84 loss per share, compared to $47.55 million or $0.79 loss per share last year. On an adjusted basis, the loss was $6.69 million or $0.10 per share, up from $4.35 million or $0.07 per share last year. On average, eleven analysts polled by Thomson Reuters expected the loss per share to be $0.13.

New Relic foresees an adjusted loss of $0.15 to $0.18 per share for the next quarter and $0.54 to $0.60 for the full year. The Street forecast for loss is $0.09 for the next quarter and $0.52 for the full year.

The stock is currently trading at $117.62, up $26.68 or 29.34% since the previous close at $90.94. The stock opened at $120.00 in the morning. In the 52-week period, the shares have ranged between $51.52 and $123.83.

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