Pure Storage Stock Soars on Q2 EPS, Revenue Beat

Pure Storage (NYSE:PSTG) finished its midpoint of the current fiscal year with a bang as the company reported its latest quarterly earnings results, which included an adjusted profit and revenue that were stronger than the Wall Street consensus estimates.

Pure StorageThe data flash storage company, which went public in 2015, said that its second quarter of fiscal 2018 yielded adjusted earnings of a penny per share. Analysts were calling for the Mountain View, Calif.-based company to amass an adjusted loss of 6 cents per share for the period, according to data compiled by Thomson Reuters.

Pure Storage’s revenue for the period tallied up to $308.9 million, which marked a 37% increase compared to its year-ago quarter. The Wall Street guidance called for sales of $301 million, according to the Thomson Reuters survey.

This marked the first time that the company reported a profit in its second quarter. Plus, Pure Storage announced on Tuesday that it acquired storage software supplier StorReduce, although the details of the deal were not disclosed.

For its third quarter of the fiscal year, the data flash storage vendor expects revenue in the range of $361 million to $369 million, with the midpoint of $365 million ahead of the Wall Street consensus estimate of $363 million, according to Thomson Reuters.

PSTG stock soared more than 14.3% by the end of trading on Wednesday following its strong quarterly showing.

Article printed from InvestorPlace Media, https://investorplace.com/2018/08/pure-storage-pstg/.

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