Shares of data storage and networking company Pure Storage rocketed higher Thursday in the wake of its fourth-quarter results. The company soundly beat estimates as well as its revenue outlook, prompting a double-digit PSTG stock jump.
Pure Storage on Wednesday reported adjusted earnings of 36 cents a share on revenue of $708.6 million. Analysts expected Pure Storage to report earnings of 26 cents a share on revenue of $629.3 million. Revenue jumped 41% from the year-ago period. That's the company's best revenue growth in eight quarters.
Pure Storage stock jumped 12.8% to close at 29.89 on the stock market today.
The company expects first-quarter revenue of $520 million. That's above analyst estimates of $512 million.
PSTG Stock: Relentless Focus On Innovation
Among highlights in the quarter, Pure Storage passed the 10,000 customer mark. In addition, subscription services revenue jumped 42% to $216 million.
Chief Financial Officer Kevan Krysler, in written remarks, credited the company's performance to "the year's culmination of relentless focus on innovating for our customers."
The company makes high-speed storage systems for businesses and cloud computing using all-flash-chip technology.
"By every measure, Pure had an outstanding quarter and fiscal year," Chief Executive Charles Giancarlo said in written remarks with the Pure Storage earnings release. "Our strategy to deliver an innovative portfolio of data storage and services, with industry-leading customer experiences and flexible, efficient operations continues to position Pure as the trusted provider for all organizations."
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