Elastic N.V. (NYSE:ESTC) shares were trading around 18% higher Thursday afternoon following the company’s reported Q4 results, with EPS of ($0.16) coming in better than the Street estimate of ($0.22). Revenue increased 35% year-over-year to $239.4 million, beating the Street estimate of $231.9 million.
Elastic Cloud revenue grew 71% year-over-year to $87.7million, ahead of consensus, with SaaS now representing 37% of the total revenue vs. 36% last quarter.
Management noted results were driven by continued momentum in Elastic Cloud which it expects to reach 50% of total revenue by Q4/24, ahead of its prior outlook as well as expectations to achieve $2 billion in revenue by 2025.
The company expects the full 2023-year EPS to be in the range of ($0.36)-($0.28), compared to the Street estimate of ($0.28), and revenue in the range of $1.08-1.086 billion, compared to the Street estimate of $1.08 billion.