Elastic stock sags on outlook

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U.S. shares of Elastic NV fell in the extended session Wednesday after the search company forecast a wider-than-expected loss for the current quarter. Elastic ADRs dropped 12% after hours, following a 0.5% rise in the regular session to close at $78.20. Elastic expects a fiscal third-quarter loss of 36 cents to 34 cents a share on revenue of $106 million to $108 million. Analysts surveyed by FactSet had forecast a loss of 33 cents a share on revenue of $105.8 million. The company reported a fiscal second-quarter loss of $50 million, or 64 cents a share, compared with a loss of $27.5 million, or 63 cents a share, in the year-ago period. The adjusted loss was 22 cents a share. Revenue rose to $101.1 million from $63.6 million in the year-ago quarter. Analysts had forecast a loss of 31 cents on revenue of $96.4 million.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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