Elastic NV (NYSE:ESTC) shares were up nearly 22% on Friday morning in premarket trading after the group delivered a fiscal 2Q 2024 earnings beat.
The American-Dutch tech company reported earnings of $0.37 per share, exceeding the consensus estimate of $0.24, with quarterly sales reaching $310.6 million, surpassing the analyst target of $304.1 million.
Elastic's net loss for the quarter decreased to $24.8 million from $47.3 million in the comparable year-ago period.
The company, known for its popular open-source Elasticsearch software, has expanded its business into areas such as threat detection and application observability.
Total subscription customer count also rose to 20,700.
CEO Ash Kulkarni said the company exceeded expectations in revenue and adjusted operating margin.
Elastic is optimistic about its subsequent quarter, aiming for earnings between $0.30 and $0.32 per share and revenue of $319 million to $321 million.
For the full fiscal year 2024, the company targets earnings between $1.06 and $1.15 per share and revenue of $1.247 billion to $1.253 billion.