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New Relic Cuts 2020 Sales Guidance, Announces Changes In Management

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New Relic Cuts 2020 Sales Guidance, Announces Changes In Management

New Relic (NYSE: NEWR) has reaffirmed its second-quarter guidance and cut its sales guidance for fiscal year 2020 from $600 million-$607 million to $586 million-$593 million.

The company’s chief technology officer, Jim Gochee, and chief revenue officer, Erica Schultz, have resigned. New Relic also named board member Michael Christenson as its chief operating officer. Christenson joins from his role at Allen & Company, and will report to Lew Cirne, CEO and founder of New Relic. He will begin his new role on Oct. 1.

"I have confidence that these management changes will result in improved execution across the entire company," said Lew Cirne the CEO of New Relic. "Mike is a seasoned executive with the knowhow and experience to instill the day-to-day operational rigor required for the next phase of New Relic's growth."

New Relic shares were trading down 7.8% at $53.83 in Monday’s pre-market session. The stock has a 52-week range between $109.51 and $54.83.

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Posted-In: News Guidance Management Best of Benzinga

 

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