Elastic (NYSE:ESTC) shares jumped more than 20% on Friday after the company released its first-quarter results, which significantly exceeded expectations.
The revenue achieved a total of $293.8 million, marking a 17% increase compared to the previous year and surpassing the estimated value of $284.8 million. The adjusted earnings per share (EPS) amounted to 25 cents, significantly higher than the anticipated 11 cents per share.
In the upcoming second quarter, Elastic is projecting adjusted earnings per share to range between 23 cents and 25 cents, surpassing the Street estimate of 20 cents.
Furthermore, Elastic has outlined its revenue expectations for the same period, estimating revenue to fall within the range of $303 million to $305 million, compared to the analyst’s prediction of $302.4 million.
The company has revised its full-year 2024 forecast, projecting revenue to range between $1.24 billion and $1.25 billion, and adjusted EPS to be $1.06. Analysts expected an adjusted EPS of $1.01 on revenue amounting to $1.24 billion.