Elastic reported earnings of 63 cents per share, surpassing analysts' expectations, with total revenue reaching $382.1 million, notably boosted by a 26% increase in cloud revenue. Despite a net loss of $17 million compared to a profit last year, shares rose 14% due to strong sales and market demand. CEO Ash Kulkarni highlighted the company's focus on AI innovation and its role in enterprise search technology for processing large data effectively. Elastic is also expanding its tools for application monitoring and threat detection, further positioning itself within the AI sector.
Elastic reported impressive earnings of 63 cents per share, surpassing estimates, with remarkable growth in cloud revenue driven by strong market demand.
Despite a net loss of $17 million this quarter, CEO Ash Kulkarni emphasized the company’s robust performance in key revenue and profit indicators.
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