What’s going on?

Reduction in force? [1]

Elastic restructures workforce and leadership with modest one-time charges.

Elastic is trimming about 7% of its workforce while still expecting overall headcount growth year over year. The company targets simpler structures and faster decision-making, aligning more resources to growth areas tied to AI and customer-facing functions.

There's a few other articles that mention it but they seem to be summaries of glassdoor.

[1] - https://www.stocktitan.net/sec-filings/ESTC/8-k-elastic-n-v-...

https://www.elastic.co/blog/ceo-ash-kulkarni-announcement-to...