How Elastic Stock Gained 40% Last Month
Shares of Elastic (NYSE: ESTC) rose 40.2% in December 2023, according to data from S&P Global Market Intelligence. The Dutch-American expert in enterprise data search and related functions posted a terrific earnings report at the end of November. Elastic's stock closed 37.1% higher the next day -- and hasn't looked back from its newfound plateau.
The company's Elasticsearch data search and analytics platform gained 200 new customers in the second quarter of fiscal year 2024, lifting the total count to 20,700 names. The growth rate was more than twice as fast among high-value clients with annual contracts worth $100,000 or more.
As a result, revenues rose 17% year over year to $311 million, and Elastic showed adjusted earnings of $0.37 per diluted share. The average Wall Street analyst would have settled for earnings near $0.24 per share on approximately $304 million in top-line sales, so Elastic exceeded the consensus analyst targets with ease.
Source Fool.com
