Why Elastic Stock Snapped 16.2% Lower Today
Elastic (NYSE: ESTC) stock lost its bounce on Friday, following the company's second-quarter earnings report. The enterprise search and data security expert's shares were down 11% at 2:30 p.m. ET. Around 10:40 a.m. ET, the stock had dipped as low as 16.2%.
Elastic's Q2 sales rose 16% year over year, landing at $423 million. Adjusted earnings rose from $0.59 to $0.64 per share. The Street consensus had called for earnings near $0.58 per share on revenue of roughly $418 million.
So Elastic beat the analyst community's targets, and management's guidance for the next quarter was also more bullish than the current Wall Street projections.
Source Fool.com
