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HomeBusinessElastic Stock Jumps 31 percent Following Q2 Beat & Raise

Elastic Stock Jumps 31 percent Following Q2 Beat & Raise


Shares of Elastic N.V. (NYSE:ESTC) experienced a significant jump of over 31% intra-day today following the announcement of their second-quarter results, which exceeded market expectations. The company reported an earnings per share (EPS) of $0.37, surpassing the anticipated $0.24. Elastic’s revenue saw a 17% year-over-year increase, reaching $311 million and beating the expected $304.44 million. A notable highlight was the Elastic Cloud revenue, which stood at $135 million, marking a 31% increase from the previous year.
For the third quarter of 2024, Elastic forecasts an EPS in the range of $0.30 to $0.32, slightly above the Street estimate of $0.28. The company also expects revenue to be between $319 million and $321 million, marginally higher than the consensus prediction of $318.6 million.
Looking at the full year, Elastic projects its EPS to be between $1.06 and $1.15, which compares to a Street estimate of $1.09. The company’s expected revenue for the year is anticipated to be in the range of $1.247 billion to $1.253 billion, compared to the Street estimate of $1.247 billion.

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