Benzinga - by Ryan Gustafson, Benzinga Staff Writer.
Elastic NV (NYSE: ESTC) shares are trading higher in Thursday's after-hours session after the company reported better-than-expected second-quarter financial results and issued guidance.
What To Know: Elastic reported quarterly earnings of 37 cents per share, beating the analyst consensus estimate of 24 cents by 54.17%.
The company posted quarterly sales of $310.61 million which surpassed the analyst consensus estimate of $304.11 million, a 17.48% increase over sales of $264.40 million in the same period last year.
Additionally, the total subscription customer count was approximately 20,700, versus approximately 20,500 in the first quarter, and over 19,700 in the same period last year.
Elastic saw third-quarter earnings of between 30 cents and 32 cents per share, versus the estimate of 27 cents, and revenue between $319 million and $321 million, versus the $318.39 million estimate.
Full-year 2024 earnings was anticipated to be between $1.06 and $1.15 per share, versus the $1.08 estimate. Revenue is estimated to be between $1.247 billion and $1.253 billion, versus the $1.25 billion estimate.
"We exceeded our expectations across both revenue and non-GAAP operating margin," said Ash Kulkarni, CEO, Elastic. "Our thoughtful investments and innovation in AI has continued to drive customer excitement and engagement with Elastic, and this was visible in our business in Q2."
"Generative AI is driving a resurgence of interest in search as customers use semantic search, vector search, and hybrid search to ground large language models with their private business context, and Elasticsearch Relevance Engine provides the most comprehensive and enterprise-ready platform for these use cases."
Related Link: Why Marvell Technology Stock Gained After-Hours
ESTC Price Action: Shares of ESTC were up 15.38% at $92.72 in the after-hours session at the time of publication, according to Benzinga Pro.
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