Pure Storage Inc (NYSE: PSTG) is having an incredibly strong start to the trading session this morning after the company announced its earnings. With a surprise profit in the minds of investors, excitement hit and the stock found its way upward. Today, we’ll talk about:
- The earnings report;
- what we’re seeing from PSTG as a result; and
- what we’ll be watching for ahead.
PSTG Climbs On Earnings
As mentioned above, Pure Storage is having an overwhelmingly strong start to the trading session this morning after the company released its earnings results. Here’s what we saw from the report:
- Earnings Per Share – In terms of earnings per share, PSTG did incredibly well. During the quarter, the company reported a loss of $60.1 million, or $0.26. However, adjusted earnings came in at a penny a sher. Analysts expected that the company would generate a loss of $0.06 per share.
- Revenue – Revenue also proved to be a big hit for the company. During the quarter, analysts expected that the company would generate $301.3 million. However, the company actually generated revenue in the amount of $308.9 million. Not only did that figure beat expectations, it showed incredible year over year growth from $224.7 million.
- Guidance – Finally, the company said that it is expecting to generate revenue between $361 million and $369 million in the third quarter and between $1.35 billion and $1.38 billion for the full year. Analysts are expecting to see $363 million for the quarter and $1.36 billion for the full year.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of Pure Storage, the news proved to be overwhelmingly positive. After all, earnings came in with a positive surprise and the company came in above expectations by all accounts. So, it comes as no surprise that excited investors are sending the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:18), PSTG is trading at $25.80 per share after a gain of $3.79 per share or 17.22% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PSTG. In particular, we’re interested in following the story surrounding the company’s strong growth to see if this quarter’s performance will continue. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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