New Relic (NEWR) has reported disappointing earnings with deceleration in revenue growth and substantial deterioration in profitability margins. Customers are not expanding their use of the company’s products as in previous years, and the competition seems to be heating in the APM space. The former factors are making the company’s numbers erode. The company’s guidance for the next quarter and full year implies continued deceleration in the top line and weakness in the growth of deferred revenue. The valuation, although lower than most software stocks, could be considered fair or even a little