Elastic Stock Rockets Higher As Data Software Player Posts Big Earnings Beat

Blockhead05:18

Elastic (ESTC) stock rocketed higher late Thursday after the enterprise data software company reported fiscal second quarter earnings and sales that easily bested estimates. Snowflake: How SaaS And ...

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Analysts polled by FactSet projected the San Francisco-based company would post adjusted earnings of 38 cents per share on sales of $352 million.\nFor the same period a year earlier, Elastic posted adjusted earnings of 37 cents per share on sales of $311 million.\nFor the current quarter, Elastic guided for sales of $368 million at the midpoint of its range. Prior to the company posting its results, analysts were projecting Elastic would tally $366 million in sales for the January-ending quarter, according to FactSet.\nOn the stock market today, Elastic stock rallied more than 21% to 114.75 in after-hours action.\nMore earnings coverage to come.\nElastic Stock: Technical Ratings\nElastic provides the leading search software for enterprises, along with a broader suite of data software tools that run on cloud providers such as Microsoft Azure, Amazon Web Services and Google Cloud.\nThe earnings reaction is adding on to a strong day for Elastic stock. Shares gained 6.4% in Thursday trading. Elastic was among data software stocks to rally following strong results from Snowflake (SNOW) late Wednesday.\nBut overall it has been a turbulent year for Elastic, which is down 16% year-to-date. That's after a strong 2023 in which its shares more than doubled in value.\nElastic was a popular pick on Wall Street coming into 2024 to benefit from the next wave of enterprise AI spending. But shares tumbled 28% following its most recent earnings report in late August, which included a weaker-than-expected sales forecast.\nComing into the report, Elastic stock had an IBD Composite Rating of 58 out of a best-possible 99, according to IBD Stock Checkup. The score combines five separate proprietary ratings into one rating. The best growth stocks typically have a Composite Rating of 90 or better.\nYOU MAY ALSO LIKE:\nZuckerberg Bets Big On AI Smart Glasses. But Can Meta Outfox Apple And Google?\nIBD Live: Learn And Analyze Growth Stocks With The Pros\nGet Timely Buy & Sell Alerts With IBD Leaderboard\nTop Growth Stocks To Buy And Watch\nLearn How To Time The Market With IBD's ETF Market Strategy","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485295114"}