Why Elastic N.V. Stock Popped Today
Even as the broader stock market plunged, shares of Elastic N.V. (NYSE: ESTC) soared 12.7% on Thursday after the search-centric software-as-a-service (SaaS) company announced strong fiscal third-quarter 2020 results.
Elastic's quarterly revenue grew 60% year over year (61% at constant currencies) to $113.2 million, helped by a 114% increase in SaaS revenue to $25.1 million. On the bottom line, that translated to an adjusted (non-GAAP) net loss of $22.2 million, or $0.28 per share, widening from a $0.16 per-share loss in the same year-ago period. But analysts, on average, were anticipating an even bigger net loss of $0.36 per share on revenue closer to $107.3 million.
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Source Fool.com
