4Q results are a big beat | PSTG Message Board Posts

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Msg  42 of 46  at  3/2/2022 5:59:12 PM  by


4Q results are a big beat


Data storage and networking company Pure Storage (PSTG) reported fourth-quarter results late Wednesday that soundly beat estimates. So did the revenue outlook. PSTG stock jumped.

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The company reported adjusted earnings of 36 cents a share on revenue of $708.6 million. Analysts expected Pure Storage to report earnings of 26 cents a share on revenue of $629.3 million. Revenue jumped 41% from the year-ago period. That's the company's best revenue growth in eight quarters.

Pure Storage stock jumped 9.4% to 29, during after-hours action on the stock market today.

Pure Storage expects first-quarter revenue of $520 million. That's above analyst estimates of $512 million.

PSTG Stock: Relentless Focus On Innovation

Among highlights in the quarter, Pure Storage passed the 10,000 customer mark. In addition, subscription services revenue jumped 42% to $216 million.

Chief Financial Officer Kevan Krysler, in written remarks, credited the company's performance to "the year's culmination of relentless focus on innovating for our customers."

The company specializes in the field of cloud-based business collaboration and content management services and software. Founded in 2005, Box held its initial public offering in January 2015, pricing shares at 14.

"By every measure, Pure had an outstanding quarter and fiscal year," Chief Executive Charles Giancarlo said in written remarks with the Pure Storage earnings release. "Our strategy to deliver an innovative portfolio of data storage and services, with industry-leading customer experiences and flexible, efficient operations continues to position Pure as the trusted provider for all organizations."

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

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