Elastic beats estimates for Q3, reports $223 million revenue

Enterprise search technology company Elastic this afternoon reported fiscal Q3 revenue that topped analysts’ expectations. 

The report sent Elastic shares up 1% in late trading. 

Elastic’s total revenue in the quarter rose 43%, year over year, to $223.9 million, yielding a net loss of 12 cents a share, excluding some costs.

Analysts had been modeling a revenue of $209.71 million and a 20-cent net loss per share.

Total cloud revenue was $80.4 million for the quarter, an increase of 79% year-over-year. Total subscription customer count was over 17,900, according to Elastic. 

“We delivered another record quarter and exceeded our revenue expectations, fueled by increasing consumption trends in Elastic Cloud. Our cloud business grew 79% year-over-year and now accounts for 36% of total revenue,” said Ash Kulkarni, CEO of Elastic. 

“I look forward to us executing against the large and growing market opportunity ahead of us, particularly in cloud. I am confident that our demonstrated success, combined with the relevance of our solutions, enables us to capture this sizeable opportunity.”

For Q4, the company expects revenue between $230 million and $232 million, and net loss per share in a range of $0.24 and $0.20. 

For the full year, the company raised its outlook for revenue to a range of $853 million and $855 million. The company also forecasted a net loss of $0.42 and $0.38 a share.