Actually, it bypasses the remaining statements in the loop and goes directly to the next iteration. You can put more than one next in a loop, but once the first one is executed, the rest will be irrelevant.

However, you could do something like this:

while($runLoop){
   next if ($x == $y);
   $x++;
   next if ($x == $y);
   print "x and y were never equal";
}
[download]

Then you could have more than one next and it make sense.