Why Pure Storage Stock Jumped Today
Shares of Pure Storage (NYSE: PSTG), an advanced data storage technology company, spiked this morning after it reported better-than-expected results for its top and bottom lines in the first quarter.
The tech stock was up by an impressive 19.1% as of 11:10 a.m. ET.
Pure Storage reported non-GAAP (adjusted) earnings of $0.08 per share in the quarter, which was down from $0.25 in the year-ago quarter but easily beat Wall Street's consensus estimate of $0.04 per share. The company also impressed investors with its sales of $589.3 million -- down 5% year over year -- compared to analysts' average estimate of $560 million.
Source Fool.com
