Elastic N.V. (NYSE:ESTC) shares surged by double digits at the time of writing after the data analytics platform posted a robust set of first-quarter numbers. Revenue increased by 17.5% year-over-year to $293.75 million, comfortably outpacing estimates by $9.3 million. Moreover, EPS of $0.25 raced past expectations by $0.14.
During the quarter, Elastic Cloud revenue surged by 24% to reach $121 million. The company is witnessing an increase in the usage of Elastic Search as a vector database and higher activity related to generative AI. The total number of customers with an annual contract value of over $100,000 reached 1,190, with a total subscription customer count of 20,500.
Looking ahead, Elastic anticipates second-quarter revenue to range from $303 million to $305 million, with EPS for the quarter expected to be between $0.23 and $0.25.
Additionally, revenue for Fiscal Year 2024 is expected to land between $1.242 billion and $1.250 billion. EPS for the year is anticipated to be between $1.01 and $1.11.
Overall, the Street has a consensus price target of $76.93 on Elastic, along with a Moderate Buy consensus rating. This points to 24.3% potential upside in the stock.
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