Elastic (ESTC) reported quarterly results late Wednesday that came in better than expected, as did its outlook. But ESTC stock dropped.
The company reported an adjusted loss of 9 cents a share on revenue of $206 million. Analysts expected Elastic to report a loss of 16 cents on revenue of $194.5 million. Results were for its fiscal second quarter ended Oct. 31.
ESTC stock fell 5% to 132.50 during after-hours trading on the stock market today.
For its current quarter, Elastic expects revenue in the range of $207 million to $209 million, above estimates of $202.6 million. It expects a loss of in the rage of 24 cents to 20 cents. The midpoint matches Wall Street estimates.
ESTC Stock To Benefit From Improving Economy
Incorporated in the Netherlands and based in Mountain View, Calif., Elastic says its search technology finds information and insights from large amounts of data, available for a diverse set of applications and use cases.
Monness Crespi Hardt analyst Brian White, in a report to clients on Monday, said he expects Elastic will benefit from an improving economy. However. he said, “We expect the stock to remain hostage to the near-term tech tantrum and sensitive to the vicissitudes of this pandemic.”
During regular-hours trading, ESTC stock dropped 10.5% to 139.13.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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