Shares of Netherlands-based tech firm Elastic NV (NYSE: ESTC) continued its rally on Thursday, a day after it smashed past Wall Street estimates for the first quarter of 2020. Elastic stock, which had gained 21% so far this year till market close on Wednesday, shot up 15% during morning trade on Thursday.
A SaaS leader that offers solutions in data analytics and security, Elastic went public last year.
The company said its first-quarter revenues rose 58% to $89.7 million on strong customer momentum. Analysts had projected Q1 revenues of $86 million.
Subscription revenues accounted for 92% of total revenues. Subscription customers increased to over 8,800 in Q1, compared to around 8,100 in the prior sequential quarter.
Calculated billings improved 51% year-over-year.
Down the line, adjusted loss per share was narrowed by 6 cents to $0.32 in Q1, compared to $0.41 expected by the street.
For the second quarter, the company expects total revenues between $95 million and $97 million and adjusted loss per share between $0.32 and $0.30.
For the full year, the company gave better guidance. For this period, revenues are expected in the range of $406-412 million, compared to the earlier estimate of $397-403 million.
Adjusted loss per share of $1.40 – $1.24 is expected in the place of the prior projection of a wider loss of $1.49 – $1.33.
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