Brokerages still positive on New Relic despite dismal Q3

New Relic

09/02/2022 11:17

** Shares of cloud software co  NEWR.K  tumble ~24% to
$83.5, set to open at three-month low
    ** Co reports bigger-than-expected loss for Q3, forecasts Q4
loss much wider than estimated by Refinitiv; Q3 revenue beats,
raises Q4 rev forecast, new number in line with expectations
 urn:newsml:reuters.com:*:nL8N2UJ7GX
    ** Shares of co, which helps website and application owners
track the performances of their services, set for sharpest
session loss in 1-1/2 years
    ** At least two brokerages cut PT after downbeat results
    ** Cowen says degree of revenue beat and Q4 rev forecast
raise was lower than in past quarters; but says it is encouraged
by co's FY23 growth guidance  
    ** RBC still positive on co "as underlying metrics are
trending positively" and growth returned to over 20%
    ** NEWR down 0.7% YTD, as of last close

 (Reporting by Susan Mathew)
 ((susan.mathew@thomsonreuters.com))