Pure Storage (PSTG) Soars 33% on Strong Revenues from Meta

We recently published 10 Stocks With Double-Digit to 100% Upside in Just a Week. Pure Storage, Inc. (NYSE:PSTG) is one of the worst performers on Friday.

Pure Storage jumped by 33.05 percent week-on-week to touch a new all-time high as investor sentiment was fueled by its growth outlook and earnings performance, as it began realizing revenues from its partnership with Meta Platforms Inc.

In Friday’s session alone, Pure Storage, Inc. (NYSE:PSTG) soared to a new 52-week high of $80.68, marking a 38.3-percent jump in just the past five trading days of the week, after reporting a 32-percent jump in net income in the second quarter at $47 million from $35.67 million year-on-year. Revenues, on the other hand, grew 12.69 percent to $861 million from $764 million year-on-year, with a significant amount coming from revenues from Meta partnership.

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“Our relationship with Meta continues to advance,” said Pure Storage, Inc. (NYSE:PSTG) CFO Tarek Robbiati, adding that the company was seeing “increased interest from other hyperscalers” looking to upgrade their traditional storage with its technology.

For the full-year period, Pure Storage, Inc. (NYSE:PSTG) raised its full-year revenue growth outlook to $3.6 billion to $3.63 billion, from $3.515 billion previously. The new figure would mark a 13.5-percent to 14.5-percent growth year-on-year, as compared with the 11 percent targeted earlier.

For the third quarter alone, revenues were targeted at $950 million to $960 million, representing a growth rate of 14.3 percent to 15.5 percent.

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Disclosure: None. This article is originally published at Insider Monkey.