Friday, Jun 4th 2021

Elastic reports solid FYQ4 results as customer growth accelerates

Update

Elastic (ESTC) announced FYQ4 earnings after-hours on Wednesday, with stock ending 10% on Thursday as a result of strong beats across FYQ4 revenues and estimates for 2022 and 2023. Elastic Cloud was the primary driver of accelerated customer growth, with 1200 new customers added in FYQ4, up from the quarterly average of 825.

We note that the majority of ESTC’s customers have only adopted one solution across ESTC’s tech stack to date. Through increased adoption of Elastic Cloud, there will be further opportunities for ESTC to cross-sell their full product suite.

Taking a step back, we consider strong customer net-adds to be a positive signpost for ESTC as it looks to reach $1bn revenue goals for FY23. As adoption of Elastic Cloud continues to increase, the company will be able to cross- and up-sell its product suite, roll out new features without educational drag, and generate greater revenues on a usage basis.

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