What happened

Elastic N.V. (NYSE:ESTC) stock took a hit on Thursday. Shares of the data search engine company were down 15.5% as of 10:49 a.m. EST.

The stock's pullback comes in the wake of Elastic's second-quarter results for fiscal 2020. While the quarter's performance was strong, management's forecast for fiscal Q3's non-GAAP (adjusted) loss per share was worse than anticipated.

A chalkboard sketch showing a stock price moving lower

Image source: Getty Images.

So what

Elastic's fiscal second-quarter revenue jumped 59% year over year to $101.1 million. This beat the average analyst estimate for revenue of $96.5 million. The tech company's non-GAAP loss per share of $0.22 was also better than the consensus forecast for a loss of $0.31 per share.

Driving the quarter was a customer net expansion rate of 130% and the addition of 900 new subscription clients, bringing total subscription customers to 9,700. Furthermore, total clients with an annual contract value greater than $100,000 climbed to 525, up from 475 in fiscal Q1.

Software-as-a-service revenue soared 106% year over year (114% in constant currency) to $20.6 million.

Now what

Looking ahead, management guided for fiscal third-quarter revenue to be between $106 million and $108 million. Analysts, on average, were expecting revenue of $105.9 million. Elastic said it expects its non-GAAP loss per share for the period to be between $0.36 and $0.34 -- worse than the consensus analyst forecast for a loss per share of $0.33.