By Denny Jacob
Elastic shares jumped 13% in premarket trading after its latest results outperformed expectations and the company forecast further growth.
Shares were trading around $114.56. The stock is down about 13% over the last year.
The data analytics company reported revenue of $382.1 million in the third quarter ended Jan. 31, above the $369 million expected by Wall Street. Chief Executive Ash Kulkarni said continued interest from customers building generative artificial intelligence applications and consolidating onto a single platform helped drive the outperformance in the quarter.
Elastic forecast revenue between $379 million and $381 million in the fourth quarter of fiscal 2025, while the street expected $379.2 million. For fiscal 2025, the company guided for revenue between $1.474 billion and $1.476 billion, while analysts polled by FactSet expected $1.471 billion.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 28, 2025 06:38 ET (11:38 GMT)
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