ESTC - Why Elastic Stock Skyrocketed Today
2023-09-01 14:33:25 ET
Shares of Elastic (NYSE: ESTC) were up 21% as of 2 p.m ET Friday after the search technology company announced strong fiscal 2024 first-quarter results.
In the quarter ended July 31, Elastic's revenue climbed 17% year over year, to $293.8 million, translating to non-GAAP (adjusted) earnings of $25.4 million, or $0.25 per diluted share. Most analysts were only expecting adjusted earnings of $0.11 per share on revenue of $284.5 million.
Elastic's customer count grew 6.2% year over year to 20,500 at the end of the quarter. Of that total, 1,190 customers have an annual contract value (ACV) greater than $100,000, up from 1,010 at the same point last year. Elastic's net expansion rate also remained steady at roughly 113%, indicating existing customers spent an average of 13% more on the company's solutions after their first year.
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Why Elastic Stock Skyrocketed Today