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Pure Storage Shares Rally After Earnings, Revenue Beat

·1 min read

By Sam Boughedda

Investing.com -- Pure Storage Inc (NYSE:PSTG) stock jumped 14.49% on Thursday after the company announced its fourth-quarter and full-year financial results on Wednesday.

Revenue increased to $708.6 million in the fourth quarter, exceeding analysts' expectations of $630.9 million. In addition, earnings per share of 36 cents surpassed expectations by 9 cents.

Full-year revenue was also up 29% year-over-year at $708.6 million. Furthermore, the company said it made significant progress during the year, surpassing 10,000 customers and boosting its subscription services income by 37% year-over-year.

"By every measure, Pure had an outstanding quarter and fiscal year," said Charles Giancarlo, chairman and CEO of Pure Storage.

Giancarlo added that the company's "41% growth in Q4" is evidence to "position Pure as the trusted provider for all organizations."

The company sees revenue of roughly $520 million in the first quarter, with full-year revenue of approximately $2.6 billion, representing a 20% increase.

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