Software Company Elastic Down Premarket Friday Despite Earnings Beat: Details
Portfolio Pulse from Lekha Gupta
Elastic NV (NYSE:ESTC) reported Q3 FY24 earnings with a 19% Y/Y revenue increase to $328.0 million, surpassing consensus estimates. Elastic Cloud revenue grew by 29% Y/Y. The company also raised its FY24 revenue and adjusted EPS outlook. Despite these positive results, ESTC shares are down 12.5% in premarket trading.
March 01, 2024 | 12:37 pm
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NEGATIVE IMPACT
Elastic NV reported higher than expected Q3 FY24 earnings, with significant revenue growth and an optimistic FY24 outlook. However, shares dropped 12.5% premarket.
Despite Elastic NV's positive earnings report and raised outlook for FY24, the premarket reaction has been negative, leading to a 12.5% drop in share price. This suggests that, in the short term, market sentiment or external factors may be weighing down on the stock, despite the company's strong performance and future prospects.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100