Elastic Shares Plunge 28% on Weak Revenue Outlook
Elastic N.V. shares tumbled 27.9% in morning trading Friday after the search and analytics software company provided disappointing revenue guidance, overshadowing better-than-expected first quarter results.The company reported Q1 adjusted earnings per share of $0.35, beating analyst estimates of $0.25. Revenue grew 18% YoY to $347 million, slightly above the $344.66 million consensus.However, Elastic's outlook fell short of expectations. For Q2, the company forecast revenue of $353-355 million,