Elastic Shares Jump 20% Following Strong Q1 Results
<p><a href='https://financialmodelingprep.com/financial-summary/ESTC'>Elastic (NYSE:ESTC)</a> shares jumped more than 20% on Friday after the company released its first-quarter results, which significantly exceeded expectations.</p>
<p>The revenue achieved a total of $293.8 million, marking a 17% increase compared to the previous year and surpassing the estimated value of $284.8 million. The adjusted earnings per share (EPS) amounted to 25 cents, significantly higher than the anticipated 11 cents per share.</p>
<p>In the upcoming second quarter, Elastic is projecting adjusted earnings per share to range between 23 cents and 25 cents, surpassing the Street estimate of 20 cents.</p>
<p>Furthermore, Elastic has outlined its revenue expectations for the same period, estimating revenue to fall within the range of $303 million to $305 million, compared to the analyst's prediction of $302.4 million.</p>
<p>The company has revised its full-year 2024 forecast, projecting revenue to range between $1.24 billion and $1.25 billion, and adjusted EPS to be $1.06. Analysts expected an adjusted EPS of $1.01 on revenue amounting to $1.24 billion.</p>

NYSE:ESTC