Elastic N.V. ( ESTC ) reported its first-quarter financial results after Thursday's closing bell. Here's a look at the key figures from the report.  

The Details: Elastic reported quarterly earnings of 35 cents per share, which beat the analyst consensus estimate of 25 cents by 40%. Quarterly sales clocked in at $347.42 million, which beat the consensus estimate by 0.79% and is a 18.27% increase from the same period last year.

Elastic Cloud revenue was $157 million, an increase of 30% year-over-year.

Total customer count with an Annual Contract Value (ACV) greater than $100,000 was over 1,370.

Total subscription customer count was approximately 21,200.

Net Expansion Rate was approximately 112% for the quarter.

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“We delivered solid first-quarter results, outperforming the high end of our guidance for both revenue and profitability, and we continued to see strong adoption of our GenAI offerings. However, we had a slower start to the year with the volume of customer commitments impacted by segmentation changes that we made at the beginning of the year, which are taking longer than expected to settle. We have been taking steps to address this, but it will impact our revenue this year,” said Ash Kulkarni, CEO of Elastic.

Outlook: Elastic expects total revenue to be between $353 million and $355 million in the second quarter, versus the $360.87 million estimate.

ESTC Price Action: According to Benzinga Pro, Elastic shares are down 23.49% after-hours at $79.30 at the time of publication Thursday.

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Image: Courtesy of Elastic N.V. ( ESTC )