PSTG - Why Pure Storage Stock Jumped 36% in March
Shares of Pure Storage (NYSE: PSTG) stock climbed 36.1% in March after a fantastic fourth-quarter earnings report. The company posted quarterly revenue of $708 million, representing 40% growth from the prior year. It also achieved its first profitable quarter, which was well above analyst expectations.
Pure Storage smashed expectations and pleased investors. It attributed much of this success to higher-than-anticipated sales to Meta Platforms (NASDAQ: FB) . Even if this is a one-off boon, the company still reported 30% growth in remaining performance obligations (RPO), an important metric that measures future sales that have been booked but not recognized. Pure Storage's guidance calls for 20% sales growth next year and adjusted operating income of around $300 million. The company looks set to continue expanding rapidly.
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Why Pure Storage Stock Jumped 36% in March