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New Relic CEO Lew Cirne steps down, replaced by industry veteran Bill Staples
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Observability platform provider New Relic Inc. caused a bit of a stir today with the sudden announcement that Chief Executive Officer Lew Cirne is stepping down, to be replaced by software industry veteran Bill Staples.
The news came as New Relic delivered fourth-quarter financial results that beat Wall Street’s expectations on earnings and revenue, though it had only limited growth to show for its efforts.
New Relic sells application and DevOps monitoring tools that help developers detect problems with their software applications. It’s basically a monitoring service for apps that runs in real time, helping DevOps teams gain a full understanding of any issues that could affect the performance of their apps.
Price action over last quarter: down 17.59%
Company Overview
New Relic Inc is a provider of software analytics solutions for organizations to collect, store, and analyze massive amounts of software data in real-time. The firm s flagship New Relic Software Analytics Cloud is made up of a suite of products, a Big Data database, and an open platform. Its solutions include diagnostics, reporting and alerting, transaction monitoring, and performance monitoring capabilities. The firm generates revenue from subscription-based arrangements for software offerings, typically for a year. A majority of the firm s revenue is generated in the United States, and the rest from Europe, the Middle East, and Africa; the Asia-Pacific; and other regions.
A digital skills gap signals a rebound in tech services spending
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Recent survey data from Enterprise Technology Research shows that enterprise tech spending is tracking with projected U.S. GDP growth at 6% to 7% this year. And many markers continue to point the way to a strong recovery including hiring trends and the loosening of frozen information technology project budgets.
However, skills shortages are blocking progress at some companies, which bodes well for an increased reliance on external IT services. Moreover, while there’s much talk about the rotation out of work-from-home plays such as videoconferencing, virtual desktop infrastructure and other remote worker tech, we see organizations still trying to figure out the ideal balance between funding headquarters investments that have been neglected and getting hybrid work right. In particular, the talent gap combined with a digital mandate means companies face some tough decisions as to how to
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