|Company Name||Elastic N.V.|
On December 4, 2019, after the market closed, Elastic announced its second quarter 2020 financial results, reporting soft billings growth of 41% year-over-year, compared to 51% year-over-year growth reported the previous quarter. Elastic’s officers explained that the Company experienced “some delays in [its] federal government business, as some deals moved out of the month of October” and that the magnitude of the deals “was significant enough that it impacted billings.”
On this news, the Company’s stock price fell $13.98 per share, or nearly 19%, to close at $64.22 per share on December 5, 2019, thereby injuring investors.
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