Pure Storage stock soars to record Meta deal bolsters results, outlook

Pure storage On Thursday, stocks increased by more than 30%, and the data storage management seller turned to the record closure after reporting the three -month results that exceeded the estimates and increased their guidance for the year.

Wall Street was particularly excited about the early success of the company’s agreement with the company. Meta.

Pure in March announced Meta and the social media company had made an agreement to become the “lock storage provider”. Pure arrived three months after making a new contract with an anonymous “first four” AI hyperscaler. The Internet giants were seen as a major gain for Pure, as they were looking for ways to meet their storage needs due to more cost and energy efficiency and artificial intelligence.

Pure, in the second quarter of the commodity deployment began to recognize income, he said. The company had expected to deploy 1 to 2 exabayt with meta until the end of the financial year, and on Wednesday, adding that it could go further even further, he said, “Now we’re increasingly safe about assumption.” An Exabyte is equal to 1 billion Gigabyt.

“Our relationship with Meta continues to progress,” Tarak Robbiati, who was appointed as finance in June. He said. Robbiati, the company’s traditional storage with Pure’s technology, who wants to change “increasing interest from other hyper scales”, he added.

Pure for the second quarter reported According to LSEG, income increase is based on an average analyst estimation of $ 13 to 861 million%. 43 cents corrected earnings per share, 39 cents average analyst has exceeded the estimation.

Pure increased its income guidance for the year from $ 3.52 billion to $ 3.6 billion to $ 3.63 billion.

Pure CEO Charles Giancarlo, Old Top Manager Cisco In 2017, he called on the storage company, the presentation with Meta was “on time and on the target”.

And in an interview with CNBC’s “closing Bell overtime”, Giancarlo said that the company has been selling to the business since its establishment about 15 years ago, and more recently targeting Hyperscalers.

“We believe that this will continue to be scaling in the coming years,” he said. Giancarlo said that the key is the ability to manage space, power and cooling more efficiently.

“As such a premium, the ability to use less power in storage and therefore to use more power for things like AI becomes very interesting,” he said.

Pure’s Rally increased its market value to $ 26 billion on Wednesday and increased its shares to a record level and exceeded its previous summit in January. The stock increased by 22% after the company announced that the company has downloaded its first hyperscaler customers, as well as earnings.

WRISTWATCH: PURE STORAGE CEO quarter results