Why Pure Storage Stock Reached a New High Today

Shares of Pure Storage (NYSE: PSTG) were up by 13.5% as of 1:33 p.m. ET on Wednesday after the company reported its third consecutive quarter of accelerating revenue growth. The company's improving profitability and growing demand across its portfolio of data storage hardware and software products could lead to further gains, but management warned that it faces near-term obstacles involving the supply chain. Pure Storage is also seeing success with its storage subscription services; revenue in that business grew 38% year over year to $187.8 million, amounting to a third of the top line.