Pure Storage (PSTG) reported first quarter outcomes late Wednesday that exceeded expectations, as did its income outlook for the second quarter. PSTG inventory was flat.
The firm reported adjusted earnings of zero cents a share on income of $412.7 million. Analysts anticipated Pure Storage to report an adjusted lack of 6 cents on income of $406 million. For its second quarter, Pure Storage mentioned it expects income within the second quarter of $470 million, topping estimates of $460 million.
Pure Storage inventory initially dipped, then was buying and selling flat at 19.20, throughout after-hours buying and selling on the stock market today.
Revenue climbed 12% from the year-ago interval, its greatest progress in 4 quarters. Subscription income jumped 35% to $162.eight million.
Return To Double-Digit Growth
“We are very pleased with the strong start to the year returning to double-digit revenue growth,” Chief Financial Officer Kevan Krysler mentioned in written remarks. “Broad-based performance in the quarter included early signs of strength in our commercial business and continuing accelerated momentum of FlashArray//C.”
The firm makes high-speed storage techniques for companies and cloud computing utilizing all-flash chip know-how.
Founded in 2009, Pure Storage held its preliminary public providing in October 2015. Pure Storage inventory priced at 17 and raised $425 million.
PSTG inventory is buying and selling a little bit beneath its 50-day shifting common.
Please observe Brian Deagon on Twitter at @IBD_BDeagon for extra on tech shares, evaluation and monetary markets.
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