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Pure Storage Stock Jumps As Earnings Topple Estimates

Pure Storage (PSTG) soundly beat analyst estimates when it posted third-quarter results late Tuesday. PSTG stock jumped on the news.




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The company said adjusted earnings came in at 22 cents a share on revenue of $562.7 million. Analysts expected Pure Storage to report earnings of 12 cents a share on revenue of $531 million, according to FactSet. Revenue climbed 37% from the year-ago period. Subscription services revenue grew 38% to $187.8 million.

PSTG stock surged 11.8% to 30.50 during after-hours trading on the stock market today.

The company makes high-speed storage systems for businesses and cloud computing using all-flash-chip technology.

The company estimates fourth-quarter revenue of $630 million vs. analyst estimates of $602 million.

PSTG Stock Up 15% For Year

“Our strong Q3 performance was fueled by increased customer demand and execution across the entire business,” said Kevan Krysler, chief financial officer, in written remarks with the Pure Storage earnings release. “We are in a great innovation cycle with our portfolio.”

Founded in 2009, Pure Storage held its initial public offering in October 2015. PSTG stock priced at 17 and raised $425 million.

PSTG stock is up about 15% this year.

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