Pure Storage (PSTG) reported first quarter results late Wednesday that exceeded expectations, as did its revenue outlook for the second quarter. PSTG stock was flat.
The company reported adjusted income of zero cents a share on revenue of $412.7 million. Analysts expected Pure Storage to report an adjusted loss of 6 cents on revenue of $406 million. For its second quarter, Pure Storage said it expects revenue in the second quarter of $470 million, topping estimates of $460 million.
Pure Storage stock initially dipped, then was trading flat at 19.20, during after-hours trading on the stock market today.
Revenue climbed 12% from the year-ago period, its best growth in four quarters. Subscription revenue jumped 35% to $162.8 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 said 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 company makes high-speed storage systems for businesses and cloud computing using all-flash chip technology.
Founded in 2009, Pure Storage held its initial public offering in October 2015. Pure Storage stock priced at 17 and raised $425 million.
PSTG stock is trading a little below its 50-day moving average.
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