Why Elastic Shares Are Shooting Higher Today?
Portfolio Pulse from Lekha Gupta
Elastic NV's shares are trading higher by over 17% after reporting better-than-expected Q1 FY24 results and providing an above-consensus Q2 outlook. The company also raised its FY24 adjusted EPS guidance. Revenue rose 17% Y/Y to $293.75 million, beating the consensus of $284.44 million. Elastic Cloud revenue increased 24% Y/Y to $121 million. The company expects Q2 revenue of $303 million-$305 million and adjusted EPS of $0.23-$0.25. For FY24, the revenue outlook was revised to $1.242 billion-$1.250 billion.
September 01, 2023 | 10:38 am
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Elastic NV reported better-than-expected Q1 FY24 results and raised its FY24 adjusted EPS guidance, leading to a surge in its stock price.
Elastic NV's better-than-expected Q1 FY24 results and raised FY24 EPS guidance have positively impacted investor sentiment, leading to a surge in its stock price. The company's above-consensus Q2 outlook further strengthens its position, indicating potential growth in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100