Elastic falls on downbeat forecast, to cut 13% workforce

Elastic

30/11/2022 22:31

** Shares of Elastic NV  ESTC.N   3E1.F  down 15% in
extended trade at $52.14
    ** The search engine software co expects fiscal 2023 revenue
between $1.067 bln and $1.073 bln, below analysts' estimates of
$1.08 bln - Refinitiv data
    ** Company also guides Q3 revenue below estimates
    ** ESTC reducing workforce by 13% and implementing certain
facilities-related cost optimization action
    ** Elastic expects to incur total pre-tax non-recurring
charges of about $32 mln to $36 mln under plan
    ** ESTC down 501% YTD
 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))