PureStorage (PSTG 25.00%) 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.

A dip in headline figures, yet a double beat

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.

Despite the drops, the specialty tech company notched a double beat on analyst estimates. Prognosticators tracking the stock were collectively modeling a bit over $784 million on the top line and $0.44 for adjusted, per-share net income.

Notably higher growth expected for fiscal 2025

PureStorage didn’t hesitate to mention that it outpaced its own revenue and operating margin guidance in the fourth quarter. The company expects that momentum to build, and it’s guiding for notable growth in the very near future.

It proffered guidance for both its current (first) quarter and the entirety of fiscal 2025. It believes revenue will zoom 10.5% higher, more than tripling fiscal 2024’s growth rate, to hit $3.1 billion. Adjusted operating income is forecast to be $532 million, which would be a 16% improvement on a year-over-year basis.

The company did not provide any net income guidance.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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