AITechmemeabout 3 hours ago
Elastic cuts 7% of workforce, stock drops 8.7%
1 min read
Elastic announced an approximately 7% workforce reduction, citing AI and automation enabling leaner teams. CEO Ash Kulkarni said customer-facing sales will grow, while engineering splits into three core areas. The company reported Q4 FY 2026 revenue of $451 million, up 16% year-over-year. Stock fell 8.7%.
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