Shares down more than 27% premarket (Il Sole 24 Ore Radiocor) - New York, 30 Aug - Shares in Elastic NV sank in premarket trade after the data-analytics company beat expectations on its first-quarter earnings but warned of a slow start to the year, cutting its revenue outlook.

In its fiscal 2025 first quarter ended July 31, Elastic, which runs a AI-driven search platform, said its loss per share was 0.48 dollars compared to a loss per share of 0.50 in the same period a year ago.

Its revenue in the period was 347 million dollars, an increase of 18% from the previous year and above a consensus of 344.66 million.

'We delivered solid first quarter results, outperforming the high end of our guidance for both revenue and profitability, and we continued to see strong adoption of our GenAI offerings. However, we had a slower start to the year with the volume of customer commitments impacted by segmentation changes that we made at the beginning of the year, which are taking longer than expected to settle. We have been taking steps to address this, but it will impact our revenue this year,' said Ash Kulkarni, Chief Executive Officer, Elastic.

For the coming quarter, the company expects sales of 353-355 million dollars, below a previous guidance of 360.8 million.

At 1303 Elastic NV shares were down 27.8% premarket.

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(RADIOCOR) 30-08-24 15:28:13 (0414) 5 NNNN