Why Shares of Pure Storage Jumped Today

Shares of Pure Storage (NYSE: PSTG) rose on Thursday after the data solutions provider reported its second-quarter results. Pure Storage beat analyst estimates across the board, which was enough good news to overcome weak third-quarter guidance. The stock was up about 14.8% at 1:30 p.m. EST.

Pure Storage reported second-quarter revenue of $396.3 million, up 28% year over year and nearly $4 million above the average analyst estimate. Product revenue grew 24.5% to $300.1 million, while support subscription revenue jumped 42% to $96.2 million. The company added 450 new customers, a record for the second quarter.

Image source: Getty Images.

Continue reading

Source Fool.com