Elastic Shares Sink 13%

(RTTNews) - Elastic N.V. (ESTC) shares fell 12.80 percent to $80.25, down $11.78 on Friday, a possible reaction to the company's fourth-quarter earnings report, announced yesterday which showed strong revenue growth but lingering net losses. For the quarter, Elastic reported total revenue of $388.4 million, up from $335.0 million a year earlier. However, the company posted a net loss of $16.4 million, a significant improvement from a $41.1 million loss in the same quarter last year. Despite narrowing losses, the market appeared to focus on overall profitability concerns. Elastic is currently trading at $80.25, compared to a previous close of $92.03 on the New York Stock Exchange. The stock opened at $77.83 and has traded between $77.50 and $83.25 today. Volume has surged to over 5.5 million shares, well above its average of 1.8 million. The 52-week trading range is $69.00 to $123.96.