PSTG - Why PureStorage Stock Rocketed 25% Higher Today
2024-02-29 17:08:23 ET
PureStorage (NYSE: PSTG) was a standout on the stock market Thursday. The niche tech stock saw its price leap 25% higher, on the back of a strong quarterly earnings report. With its gain, PureStorage sailed well past the S&P 500 index, which rose by 0.5% on the day.
After market hours Wednesday, PureStorage unveiled its fourth-quarter and full fiscal-year 2024 results. The quarter saw the company book revenue of just under $790 million, which represented a 3% year-over-year decline (by contrast, full-year revenue actually increased at the same rate, to $2.8 billion).
On the bottom line, PureStorage's non- GAAP (adjusted) net income also fell, albeit more gently. It landed at slightly over $ 166 million ($0.50 per share), against the nearly $170 million in the year-ago frame.
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Why PureStorage Stock Rocketed 25% Higher Today