PSTG - Why Pure Storage Stock Was Zooming Higher This Week
2023-06-02 08:28:30 ET
Next-generation data storage company Pure Storage (NYSE: PSTG) was next-level on the stock exchange this week. According to data compiled by S&P Global Market Intelligence , as of Friday morning week-to-date, the company's share price was up by more than 24%. It isn't hard to discern the reason why.
Pure Storage wowed investors with its first quarter of fiscal 2024 results, published after market hours on Wednesday. Although the specialty tech company's revenue slid on a year-over-year basis, by 5% to just over $589 million, it still crushed the consensus analyst estimate of nearly $560 million.
The story was the same on the bottom line, with non-GAAP net income shrinking to $24.7 million -- $0.08 per share -- from the year-ago profit of $79.2 million. Those prognosticators were expecting worse, though, with an average $0.04 per share estimate.
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Why Pure Storage Stock Was Zooming Higher This Week