Why Elastic Stock Got Destroyed Today
Shares of Elastic (NYSE: ESTC) were down by 12% as of 2:30 p.m. EST today after the company reported fiscal third-quarter earnings. The results beat expectations, but tech stocks are seeing a broad sell-off as rising interest rates cause a shift away from riskier asset classes.
Revenue in the fiscal third quarter, which ended Jan. 31, was $157.1 million, easily beating the consensus estimate of $146.75 million in sales. That resulted in an adjusted net loss per share of $0.04, also better than the $0.15 per share in adjusted losses that Wall Street was expecting. The enterprise search specialist now has over 13,800 subscription customers, and the number of customers with annual contract value greater than $100,00 now stands at roughly 670.
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Source Fool.com
