Software analytics company New Relic Inc. is claiming a good start to its fiscal 2019 after posting first-quarter earnings that came in above analysts’ estimates.

The San Francisco-based firm today reported earnings before certain costs such as stock compensation of 15 cents per share on revenue of $108.2 million, up 35 percent from a year ago. Wall Street was hoping for earnings of 11 cents per share on revenue of $106 million.

The company, which sells a digital intelligence platform that lets developers, operations,and tech teams measure and monitor the performance of their applications and infrastructure, posted a net loss of $5.6 million, or 10 cents per share.

“The first-quarter results are an outstanding start to our fiscal year as we delivered record top and bottom line results,” Lew Cirne (pictured), chief executive officer and founder of New Relic, said in a statement.

Cirne’s enthusiasm might be justified by the company’s results, but it seems as though investors were hoping for something slightly better. The numbers barely moved the needle on its share price, which was more or less flat in after-hours trading. Nonetheless, the company has performed well in 2018 up until this point, with the stock up 80 percent since the beginning of the year.

Things could change, however, as New Relic decided to adopt new accounting standards beginning this quarter based on “revenue from contracts with customers.” Previously, its accounting standards were based on “revenue recognition.”

Holger Mueller, principal analyst and vice president of Constellation Research Inc., said it remains to be seen what kind of impact the accounting changes will have, though he was optimistic about the company’s long-term prospects.

“New Relic keeps helping enterprises run their next-generation applications more efficiently,” Mueller said. “In the long run, the company has a wide customer portfolio and a good product pipeline, so the next quarters will have to show how it can keep growing.”

New Relic certainly shares that optimism, not least because of its strategic partnership with public cloud giant Amazon Web Services Inc. In a December interview on theCUBE, SiliconANGLE Media’s mobile livestreaming studio, Cirne spoke about how the company was helping public cloud users safeguard modern applications from “instability” and data breaches:

For the second quarter, New Relic said it’s hoping to hit earnings of between 11 and 12 cents per share, on revenue of between $110.5 million and $112.5 million.

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