Price updated from 10:02 am.
Shares of cloud data storage company New Relic (NEWR) - Get Report were falling sharply Monday after the company cut its fiscal-year guidance and announced the resignations of its chief technology and chief revenue officers.
For fiscal 2020, the company said it expects revenue of between $586 million and $593 million, representing year-over-year growth of between 22% and 24%, but lower than previous guidance of $600 million to $607 million.The FactSet consensus calls for revenue of $602.6 million.
According to FactSet, New Relic has an overweight rating and price target of $88.29. The stock was falling more than 5% at $55.95 in afternoon trading Monday.
Chief technology officer, Jim Gochee, and chief revenue officer, Erica Schultz, have resigned.
Michael Christenson, who sits on the company's board will become New Relic's president and chief operating officer on Oct. 1 - a newly created position. Christenson will lead the Go-To-Market and business operations across the company. He will also keep his seat on the board, according to the company's press release.
"This is an incredible opportunity to take on a leadership role within New Relic and advance our mission of helping our global customers create more perfect software, experiences and businesses," said Christenson in a statement. "I look forward to working with the team to drive operational excellence throughout the business and build on our market leadership."