Why Elastic Stock Was Up 23% in June

Shares of Elastic (NYSE: ESTC) soared 23.3% in June, according to data provided by S&P Global Market Intelligence. The software company saw its share price rise due to a strong fourth quarter earnings report and enjoyed the tailwinds of a broad recovery in growth stocks.

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For the quarter ending April 30, Elastic generated $177.6 million in revenue, which was a huge beat from its own guidance of $158 million to $159 million. It also beat the consensus analyst expectation for $157.9 million in revenue. In fiscal year 2021, which ended on April 30 for Elastic, revenue was $608.5 million, up 42% year over year. Elastic's software-as-a-service (SaaS) segment is growing like a weed. Revenue for the segment was $166.3 million last year, growing at a rapid 80% year over year. 

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Source Fool.com