What happened

Shares of Elastic NV (ESTC -0.31%) skyrocketed today after the company released its second-quarter results yesterday that beat analysts' consensus estimates.

The tech stock was up by as much as 19.2% today and had gained 15.3% as of 11:55 a.m. EST.

So what  

Elastic's revenue increased 43% year over year to $144.9 million, which was far better than the $130.5 million that analysts were estimating for the second quarter. Additionally, the company's adjusted net loss of $0.03 easily outpaced the consensus estimate of a loss of $0.20 per share.

A white line on top of a blue bar chart.

Image source: Getty Images.

Elastic CEO Shay Banon said on the company's earnings call, "In Q2, we saw a strong broad-based demand across our business and executed well across our diverse portfolio of customers, including the U.S. federal sector and global public sector." 

A few highlights from the quarter came from Elastic's software-as-a-service (SaaS) revenue, which increased 81% from the year-ago quarter. The company also grew its subscription customer count from more than 9,700 in the year-ago quarter to 12,900 currently.

And many of those customers are spending more on Elastic's services, as well. Customers with an annual contract value of more than $100,000 totaled 650 at the end of the second quarter, up from 525 a year ago.

Now what 

Elastic's management issued guidance for the third quarter, saying that total revenue will be $146 million at the midpoint of guidance, which would be an increase of about 29% from the year-ago quarter. Additionally, management estimates that Elastic's adjusted net loss per share will be $0.15 per share at the midpoint, compared to a loss of $0.28 in the second quarter fiscal 2020.