On August 29, 2024, after the market closed, Elastic announced its financial results for first quarter of fiscal 2025 ended July 31, 2024 and slashed its revenue guidance for the full year, a move that prompted a flurry of downgrades from market analysts. In addressing the company’s reduced outlook, Elastic’s CEO disclosed that Elastic “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,” and that Elastic has “been taking steps to address this, but it will impact our revenue this year.”
Following this news, the price of Elastic shares plunged over 25%, from a close of $103.64 per share on August 29, 2024, to close at $76.19 per share on August 30, 2024.
If you have any questions or would like to discuss this investigation, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com.