New Relic’s First Post-IPO Quarter Beats Expectations

Shares of cloud software firm New Relic shot up in after-hours trading as its first earnings report as a public company handily beat the expectations of analysts.

New Relic posted a per-share loss of 28 cents, which was nine cents better than the 37-cent loss analysts had expected. Revenue was $29 million, up 69 percent from the year-ago period.

The company also issued strong guidance for the current quarter and the coming fiscal year, saying it expects to book revenue of as much as $107.5 million for the year and to lose between 90 and 92 cents, both of which were better than the consensus.

Its shares rose to $37.50, up nearly 5 percent after closing at $35.85 during the regular session.

New Relic — an anagram of “Lew Cirne,” the founder and CEO pictured above — opened for trading on Dec. 12 in an IPO that raised $115 million.

The company builds cloud software that monitors the performance of websites and other software applications in real time in order to help developers track down and fix errors. It’s an open secret that it played a pivotal role in helping sort out the messy launch of the U.S. Government’s Healthcare.gov website last year. The company had 11,270 companies paying to use its service as of the end of the quarter.

This article originally appeared on Recode.net.