Elastic NV (ESTC), an open-source search company, reported better-than-expected first-quarter results aided by 89% year-over-year revenue growth in its Elastic Cloud segment. Shares jumped as much as 6% on the news during the after-hours trading session on August 25. Revenue for the quarter grew 50% year-over-year to $193.10 million, significantly higher than the Street’s estimate of $173.17 million. Compared to the year-ago period, Elastic’s Calculated Billings increased 27% to $165 million, and Deferred Revenue grew 31% to $364.4 million. Also, at quarter-end, ESTC reported over 16,000 subscription customers, with more than 780 customers with an annual contract value of more than $1 million. Additionally, the company posted earnings of $0.
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Elastic NV (NYSE:ESTC)
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