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The company is also banking on Microsoft's influence and reach with developers to offer them its observability tools, and there's also an opportunity to add this tech into more areas within Microsoft's Azure cloud, Staples said.īut Staples isn't putting all of his eggs in Microsoft's basket - he said Amazon Web Services is New Relic's main and strategic cloud partner. "New Relic has always had this developer-first approach, and it continues to be our strength," he said. Those integrations set the stage for New Relic to reach more developers and continue its growth because every developer is now a prospective New Relic customer, according to Staples.
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But the observability market is already a crowded one, with competitors including the $27 billion Splunk, the $49 billion Datadog, the $22 billion Dynatrace, and the startup Honeycomb.ĬodeStream works with popular Microsoft developer tools like Visual Studio Code and GitHub. The news builds on New Relic's vision of becoming a company that helps developers analyze and monitor performance across many cloud services, tools, and data they use from a single app, a hot new area known as observability. It will also offer a lower price tier to appeal to more developers, the company said. New Relic announced on Thursday how it would integrate with the developer-collaboration platform CodeStream, which it acquired in June. So with its new offerings, New Relic is hoping to expand its customer base by going after developers who are writing code, not just those troubleshooting it. Its growth slowed during the onset of the cloud era, ushered in by giants like Amazon Web Services, Microsoft Azure, and Google Cloud, as developers began using more complex cloud-based services to run apps like Kubernetes. New Relic launched in 2008 to help developers monitor the performance of web apps. Still, the new CEO has the difficult task of bringing the 13-year-old San Francisco company back to its heyday. Now, with over 70% of its customers transitioned to its consumption-based model, the 2,000-person company just hired hundreds of employees, mostly in teams like sales and marketing - "the single greatest quarter of hiring that we've ever done," Staples said. Indeed, the company is ready to move past a rocky transition period when it moved from a subscription-based billing model to a consumption-based one, and laid off 160 employees in April as a result, he said. "We took some painful hits to the business the last several quarters as we worked through that business-model transition and set ourselves up with the new strategy," Staples told Insider in his first interview since becoming CEO. It reported revenue of more than $180 million last quarter, an increase of 11% from the same period the prior year.
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Since Staples was named CEO in May, a few months before he took over, shares of New Relic have risen about 35% but are still down over 20% from peaks in 20. Wall Street is feeling somewhat confident that he can. New Relic CEO Bill Staples, who took helm of the $5 billion company in July, said he was ready to steer the company back to revenue growth and, eventually, toward becoming a "multibillion-dollar-revenue company." New Relic partnered with Microsoft on integrations to make every developer a prospective customer.After a rocky transition period and layoffs, the company acquired the developer platform CodeStream.The CEO of New Relic told Insider his plan to return the company to revenue growth.