According to Gartner, the global application performance monitoring (APM) market is estimated to grow to $5.6 billion by 2020. Billion Dollar Unicorn New Relic (NYSE: NEWR) recently announced its third quarter results. The market is extremely pleased with the company’s performance.

New Relic’s Financials

For the quarter, New Relic’s revenues grew 35% to $91.83 million, ahead of the analysts’ estimates of $89.4 million. During the quarter, New Relic’s GAAP loss narrowed from $13.9 million a year ago to $8 million. Non-GAAP income from operations came in at $2.7 million compared with a loss of $4.9 million reported a year ago. Adjusted non-GAAP net income earnings of $0.05 per share were better than the loss of $0.09 per share reported a year ago, and the loss of $0.08 per share expected by the analysts for the quarter.

For the current quarter, New Relic forecast revenues of $95-$96.5 million with non-GAAP net income per diluted share of $0.04-$0.05. It expects to end the year with revenues of $351.6-$353.1 million and non-GAAP loss per basic share of between $0.04-$0.06. The Street was looking for revenues of $96.3 million for the quarter with an EPS of $0.05 per share.

New Relic’s Cloud Focus

New Relic continues to help its customers with Cloud adoption through added integrations. It has announcednew integrations for New Relic Infrastructure for services for Amazon Web Services, Microsoft Azure, and Google Cloud Platform (GCP). These new integrations are focused on simplifying the monitoring of infrastructure resources and application performance for its customers. Customers will have the ability to filter data by service type and region from the cloud service providers so that they can focus their attention on critical services when necessary and optimize cloud spend. Post the integrations, New Relic’s product now has more than 40 integrations to cloud services and infrastructure components.

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