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( ) stock rocketed higher late Tuesday after the enterprise data storage company reported third-quarter earnings and sales that beat expectations. The company also said it had won a "design win" with a top-four hyperscale cloud provider for its DirectFlash data storage technology. Pure Storage said in a news release that it earned an adjusted 50 cents per share on sales of $831 million for its quarter that ended Nov. 3. Analysts polled by FactSet projected the Santa Clara, Calif.-based company would post adjusted earnings of 41 cents per share on sales of $815 million. For the same period a year earlier, Pure Storage posted adjusted earnings of 50 cents per share on sales of $763 million. For the current quarter, Pure Storage guided for sales of $867 million. Analysts were previously projecting $856 million January ending quarter, according to FactSet. The company now expects fiscal year sales of $3.15 billion, up from guidance for $3 billion it gave in August. On the , Pure Storage stock rallied more than 23% to 65.93 in after-hours action. Cloud Hyperscale Design Win Along with posting better-than-expected results, Pure Storage stock is likely being helped by announcing what it called a design win with a top-four hyperscaler. Pure Storage did not name the company in its press release, but the term is typically applied to tech giants ( ), ( ), ( ) and ( ). "Pure Storage has achieved another industry first in our journey of data storage innovation with a transformational design win for our DirectFlash technology in a top-four hyperscaler," CEO . "This win is the vanguard for Pure Flash technology to become the standard for all hyperscaler online storage, providing unparalleled performance and scalability while also reducing operating costs and power consumption." Pure Storage at an analyst presentation in June. Analysts viewed the news at the time as a positive step for the flash storage technology that Pure Storage offers. Hyperscalers typically rely on traditional hard disk storage. Pure Storage Stock Up 53% This Year Prior to earnings, Pure Storage gained 1% in Tuesday trading. Shares have gained 53% this year but are down about 12% since Pure Storage last reported earnings in late August. The company lowered its annual guidance for subscription-as-a-service contracts . Before that, Pure Storage stock was gaining momentum as a potential AI play on the increased needs for data storage. Coming into the report, Pure Storage stock had an IBD Composite Rating of 70 out of 99, according to . The score combines five separate proprietary ratings into one rating. The best growth stocks have a Composite Rating of 90 or better.ISLAMABAD: Chinese Ambassador to Pakistan Jiang Zaidong and Pakistan People’s Party (PPP) Chairman Bilawal Bhutto-Zardari discussed bilateral relations and matters of mutual interest. Ambassador Zaidong called on Bilawal at Zardari House, Islamabad, on Tuesday afternoon. Bilawal and Ambassador Zaidong discussed promotion of bilateral relations, social and cultural cooperation and also discussed matters of mutual interests. The former minister for foreign affairs, Hina Rabbani Khar, was also present. The meeting comes more than a month after the Chinese ambassador urged Islamabad to crack down on terrorist groups targeting Chinese nationals in the country. “Top priority should be the security of the Chinese personnel in Pakistan because they come to Pakistan to participate in Pakistan’s development,” Zaidong had told journalists at a press conference at his residence at the Chinese Embassy. “They [Chinese] are innocent and they don’t deserve this kind of sacrifice and their families do not deserve this kind of tragedy,” the envoy had said. Copyright Business Recorder, 2024

Commentary: US government and presidential powers are limited by designJigawa Governor Namadi loses son 24 hours after mother’s deathLawmakers in South Korea have narrowly failed to impeach the nation’s president over his short-lived attempt to declare martial law. A bill to censure Yoon Suk Yeol fell three votes short of the 200 needed to pass, with many members of parliament in the ruling People Power Party (PPP) boycotting the vote. The South Korean premier sparked widespread shock and anger when he declared military rule – associated with authoritarianism in the country – on Tuesday, in a bid to break out of a political stalemate. Yoon’s declaration was quickly overturned by parliament, before his government rescinded it a few hours later in the midst of large protests. The impeachment bill needed a two-thirds majority in the National Assembly to pass, meaning at least eight PPP MPs would have to vote in favour. However, all but three walked out of the chamber earlier on Saturday. One of those who remained, Cho Kyung-tae, credited Yoon’s apology for the martial law decree on Saturday morning – after three days out of public view – as having influenced his decision not to back impeachment this time. “The president’s apology and his willingness to step down early, as well as delegating all political agendas to the party, did have an impact on my decision,” he told the BBC ahead of the vote. Cho said he believed impeachment would hand the presidency to the leader of the Democratic Party of Korea (DPK), Lee Jae-myung. He added that Yoon’s “irrational and absurd decision” to declare martial law had “overshadowed” what he described as the DPK’s “many extreme actions” while in power. DPK lawmaker Lee Unjoo told the BBC that she had cried when PPP politicians walked out. “We did know there was a possibility they might boycott the vote, but we didn’t believe they would actually go through with it when tens of thousands of citizens were watching right outside,” she said. Following Saturday’s vote, Lee insisted his party “will not give up” with its attempts to impeach Yoon, who he said had become “the worst risk” to South Korea. “We will definitely return this country to normal by Christmas and the end of the year,” he told a crowd gathered outside the parliament in the capital, Seoul. Prior to Tuesday, martial law – temporary rule by military authorities in a time of emergency, during which civil rights are usually curtailed – had not been declared in South Korea since before it became a parliamentary democracy in 1987. Yoon claimed the measures were needed to defeat “anti-state forces” in the parliament and referred to North Korea. But others saw the move as an extreme reaction to the political stalemate that had arisen since the DPK won a landslide in April, reducing his government to vetoing the bills it passed, as well as Yoon’s increasing unpopularity in the wake of a scandal surrounding the First Lady. The president’s late-night address caused dramatic scenes at the National Assembly, with protesters descending en masse as military personnel attempted to block entry to the building. Lawmakers tussled with the soldiers, with 190 MPs making it into the building to vote down the order. In the early hours of Wednesday morning, Yoon’s cabinet rescinded the martial law declaration. However, the short-lived military takeover has seen daily protests on the streets. Some came out in support of Yoon, though they were drowned out by angry mobs. Authorities have since revealed more about the events of Tuesday night. The commander charged with the military takeover said he had learned of the decree on TV along with everyone else in the country. He said he had refused to make his troops arrest lawmakers inside parliament, and did not give them live ammunition rounds. The National Intelligence Service later confirmed rumours that Yoon had ordered the arrest and interrogation of his political rivals – and even some of his supposed political allies, such as his own party leader Han Dong-hoon. These revelations saw some members of Yoon’s own party signal their support for impeachment. The president’s apology o n Saturday morning appeared to be a last-ditch effort to shore up support. He said the martial law declaration had been made out of “desperation” and pledged he would not make another. Yoon did not offer to resign, but said he would leave decisions on how to stabilise the country to his party. Were he to be impeached, it would not be unprecedented. In 2016, then-President Park Geun-hye was impeached after being accused of helping a friend commit extortion. If South Korea’s parliament passes an impeachment bill, a trial would be held by a constitutional court. Two-thirds of that court would have to sustain the majority for him to be removed permanently from office. (BBC News) Save my name, email, and website in this browser for the next time I comment.