PSTG Stock Trading Flat On Quarterly Results| Investor’s Business Daily


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.




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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.

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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