Why Pure Storage Stock Is Skyrocketing Today
Pure Storage (NYSE: PSTG) stock is making big gains in Wednesday's trading. The company's share price was up 23.9% as of 10:30 a.m. ET.
Pure Storage published its third-quarter earnings results after the market closed yesterday and posted sales and earnings that beat the market's expectations. In addition to top- and bottom-line beats in Q3, the company also issued encouraging forward guidance and detailed contract wins with cloud hyperscaler customers.
Pure Storage reported non-GAAP (adjusted) earnings of $0.50 per share on revenue of $831.1 million. For comparison, the average analyst estimate had called for adjusted per-share earnings of $0.42 on sales of $818.14 million. Revenue was up 9% year over year in the period, and the company closed out the quarter with annual recurring subscription revenue up 22% year over year to $1.6 billion. The business closed the period with remaining performance obligations (RPO) of $2.4 billion and $1.6 billion in cash and short-term equivalents.
Source Fool.com
