Pure Storage Stock Surges on Big Tech Contract and Strong Earnings
Pure Storage's stock surged over 20% after the company reported better-than-expected third-quarter earnings and announced a significant design win with a top-four hyperscale cloud provider for its DirectFlash technology. The company's adjusted earnings were 50 cents per share on sales of $831 million, surpassing analyst expectations. This hyperscaler win, which could involve tech giants like Amazon or Google, marks a major step in Pure Storage's strategy to replace traditional hard disk drives with flash storage in large-scale data centers.