CLOUD
CLOUD
CLOUD
Elastic shares rise on stronger-than-expected financial results
Enterprise search technology firm Elastic N.V. saw its share price rise in late trading after delivering stronger-than-expected fiscal fourth-quarter results.
For the quarter ended April 30, Elastic reported a loss before costs such as stock compensation of $7.9 million, or 16 cents per share, double the loss a year ago. Revenue rose 35%, to $239.4 million. Analysts had expected an adjusted loss of 21 cents per share on revenue of $232.38 million.
Highlights in the quarter included Elastic increasing its total subscription customer count to more than 18,600, up from 17,900 in the previous quarter and 15,000 in the same quarter of last year. Total customers with an annual contract value greater than $100,000 came to more than 960, up from 890 in the third quarter and 730 this time last year.
Elastic announce expanded collaboration with Amazon Web Services Inc. to accelerate momentum and build, market and deliver access for shared customers. The company also announced an expanded partnership with Microsoft Corp. along similar lines.
On the product side, Elastic offered two new updates with enhanced cybersecurity and capabilities to improve data integrations, accelerate troubleshooting of cloud-native services and streamline security analyst workflows.
“We had a strong fourth quarter and closed out an excellent year, driven by robust growth in Elastic Cloud, which grew 80% year-over-year in fiscal year 2022 and increased to 37% of total revenue in Q4,” Ash Kulkarni, chief executive officer of Elastic, said in a statement. “The strong momentum in Elastic Cloud puts us on the path to deliver over 50% of total revenue from Elastic Cloud exiting Q4 of fiscal year 2024, which is ahead of our prior outlook.”
For the quarter ahead, its first quarter of fiscal 2023, Elastic is predicting an adjusted loss per share of 16 to 20 cents on revenue of $244 million to $246 million. Analysts had expected an adjusted loss of 20 cents per share on revenue of $247.4 million.
For the full fiscal year 2023, the company estimates an adjusted loss 28 to 36 cents per share on revenue of $1.08 billion to $1.086 million. Analysts had predicted a loss of 28 cents a share on revenue of $1.08 billion.
Although the company’s outlook didn’t top predictions, investors liked the earnings beat. Shares in Elastic rose more than 6%.
Photo: Elastic
A message from John Furrier, co-founder of SiliconANGLE:
Support our mission to keep content open and free by engaging with theCUBE community. Join theCUBE’s Alumni Trust Network, where technology leaders connect, share intelligence and create opportunities.
- 15M+ viewers of theCUBE videos, powering conversations across AI, cloud, cybersecurity and more
- 11.4k+ theCUBE alumni — Connect with more than 11,400 tech and business leaders shaping the future through a unique trusted-based network.
About SiliconANGLE Media
SiliconANGLE Media is a recognized leader in digital media innovation, uniting breakthrough technology, strategic insights and real-time audience engagement. As the parent company of SiliconANGLE, theCUBE Network, theCUBE Research, CUBE365, theCUBE AI and theCUBE SuperStudios — with flagship locations in Silicon Valley and the New York Stock Exchange — SiliconANGLE Media operates at the intersection of media, technology and AI.
Founded by tech visionaries John Furrier and Dave Vellante, SiliconANGLE Media has built a dynamic ecosystem of industry-leading digital media brands that reach 15+ million elite tech professionals. Our new proprietary theCUBE AI Video Cloud is breaking ground in audience interaction, leveraging theCUBEai.com neural network to help technology companies make data-driven decisions and stay at the forefront of industry conversations.
