Elastic shares rose 19.1% in extended-trading on Thursday after the search AI platform Provider reported fiscal first-quarter results and full-year guidance that topped Wall Street's estimates by a wide margin.

For the period ending July 31, Elastic said it earned an adjusted $0.60 per share as revenue rose 20% year-over-year to come in at $415.3M. Analysts were expecting the company to earn an adjusted $0.42 per share on $397M in revenue.

The company ended the period with more than 1,550 customers whose Annual Contract Value was greater than $100,000, up from over 1,510 in the fourth-quarter of fiscal 2025 and 1,370 in the year-ago period.

“Elastic had an excellent Q1 and a strong start to the fiscal year surpassing the high end of our guidance across all metrics,” Elastic CEO Ash Kulkarni said in a statement. “Our growth was supported by the ongoing demand for our highly differentiated technology, and our sales team’s solid execution. With AI now clearly shaping technology decisions, our strong performance directly demonstrates the value that Elastic’s Search AI Platform delivers to our customers.”

Looking ahead, Elastic said it expects second-quarter adjusted earnings between $0.56 and $0.58 per share, while revenue is forecast to be between $415M and $417M. Analysts were expecting $410.2M in sales and $0.59 per share in adjusted earnings.

For fiscal 2026, revenue is expected to be between $1.679B and $1.689B, while adjusted earnings are forecast to be between $2.29 and $2.35 per share. Analysts were expecting adjusted earnings of $2.28 per share and $1.66B in revenue.