What happened

Even as the broader stock market plunged, shares of Elastic N.V. (NYSE:ESTC) soared 12.7% on Thursday after the search-centric software-as-a-service (SaaS) company announced strong fiscal third-quarter 2020 results.

So what

Elastic's quarterly revenue grew 60% year over year (61% at constant currencies) to $113.2 million, helped by a 114% increase in SaaS revenue to $25.1 million. On the bottom line, that translated to an adjusted (non-GAAP) net loss of $22.2 million, or $0.28 per share, widening from a $0.16 per-share loss in the same year-ago period. But analysts, on average, were anticipating an even bigger net loss of $0.36 per share on revenue closer to $107.3 million.

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Elastic founder and CEO Shay Banon said the company was "pleased" with its growth, adding, "Our strategy of building enterprise search, observability, and security solutions on a single technology stack that can be deployed anywhere is clearly resonating with both users and customers."

Now what

If that wasn't enough, Elastic told investors to expect fiscal fourth-quarter 2020 revenue of between $119 million and $120 million, with an adjusted net loss per share of between $0.32 and $0.30.  Even the low end of both ranges stood well above Wall Street's consensus estimates, which called for a wider loss of $0.33 per share on revenue of $118.4 million.

In the end, after coupling Elastic's impressive fiscal Q3 with that equally encouraging outlook, bullish investors had more-than-enough motivation to bid up the stock, even in the face of the broader market's decline.