Compared to Estimates, Elastic (ESTC) Q1 Earnings: A Look at Key Metrics

Core Insights - Elastic (ESTC) reported revenue of $347.42 million for the quarter ended July 2024, reflecting an 18.3% increase year-over-year, with EPS at $0.35 compared to $0.25 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $344.4 million by 0.88%, and the EPS surpassed the consensus estimate of $0.25 by 40% [1] Revenue Breakdown - Revenue from Services was $23.65 million, slightly below the estimated $24.77 million, marking a year-over-year increase of 0.6% [3] - Subscription revenue reached $323.77 million, exceeding the average estimate of $319.67 million, with a year-over-year growth of 19.8% [4] - Elastic Cloud subscription revenue was $157.28 million, surpassing the estimate of $155 million, representing a significant year-over-year increase of 29.8% [5] - Other subscription revenue totaled $166.49 million, compared to the average estimate of $164.66 million, showing an 11.7% year-over-year change [6] Stock Performance - Over the past month, Elastic's shares have declined by 6.1%, while the Zacks S&P 500 composite increased by 2.6% [6] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [6]