Elastic NV (NYSE:ESTC) shares are trading higher Thursday morning after the company announced better-than-expected financial results.
Elastic reported a quarterly earnings loss of eight cents, which beat the estimate for a loss of 16 cents. The company reported quarterly revenue of $177.6 million, which beat the estimate of $158.91 million.
"Data volumes keep increasing as companies become more digital and move to the cloud, and our customers are seeing that the ability to search, observe, and protect this ever-increasing amount of data is critical to their success. We believe this continued demand puts us on the path to becoming a $1 billion plus revenue company in fiscal year 2023," said Shay Banon, CEO of Elastic.
Elastic released new innovations with versions 7.12 and 7.13 across its enterprise search, observability, and security solutions that help customers simplify their workflows and derive value from their data efficiently and at scale.
Foundational features in 7.12 and 7.13 that can be leveraged across all three solutions include the general availability of the frozen data tier, powered by searchable snapshots, which helps customers store and search more data while maintaining control over cost and performance.
Additional features include the general availability of schema on read, which allows customers to discover new data and new workflows by creating a schema on the fly, and the general availability of our supervised machine learning which provides customers with a single place to store, transform, build, test, and deploy supervised machine learning models
ESTC shares $10.78, or 9.1%, to $128.80.
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