$ESTC is a fantastically innovative company. They have a great quarter with most important metrics improving. (Bookings down a bit but that's only because their move to cloud = more monthly contracts that have no 'billings' associated)

They've raised their guidance over $20M since last qtr and over $70M since Q1 qtr. Beast!

With the 75% growth in cloud which is now >30% of total revenues, there seems to be significant tailwinds of growth. BTW TAM is huge and they just settled with Amazon where latter can no longer use 'Elastic' open-source trademark, which caused confusion.

This stock has gotten hammered (like most) but also since their founder 'stepped down from CEO to focus on what he does best - be CTO. And their CPO who is a seasoned exec, was promoted to CEO. I view this as at worse neutral, likely positive.

Of course, the stock is down after earnings. I'm already down ~20%. But now they trade at <7x revenues. Imo, this is a mouth-watering prospect. I'll be tripling down here (bought some today and will over the next few weeks just coz of macro uncertainties)