Pure Storage Inc (NYSE:PSTG) stock rose 16.58% (As on Mar 3, 11:26:08 AM UTC-4, Source: Google Finance) after the company beaten Wall Street’s estimates for the fourth quarter of FY 22. Q4 subscription services revenue was of $216.0 million, up 42% year-over-year. Q4 subscription annual recurring revenue (ARR) was of $848.8 million, up 31% year-over-year. Remaining performance obligations (RPO) was of $1.4 billion, up 29% year-over-year. The company delivered Q4 non-GAAP gross margin of 68.8%, Q4 non-GAAP operating income $118.7 million with Q4 non-GAAP operating margin 16.8%. The company generated Q4 operating cash flow of $138.2 million and free cash flow of $117.2 million. Total cash, cash equivalents, and investments were of $1.41 billion at the end of Q4. The company has returned approximately $69 million and $200 million in Q4 and FY22, respectively, to stockholders through share repurchases and completed the Board authorized amount of $200 million.

PSTG in the fourth quarter of FY 22 has reported the adjusted earnings per share of 36 cents, beating the analysts’ estimates for the adjusted earnings per share of 27 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 41 percent to $708.57 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue by 12.30%.

Moreover, in Q4, Meta announced Pure as the storage partner to deliver robust and scalable storage capabilities to power its AI Research SuperCluster (RSC). Pure’s subscription services revenue grew 37% YoY in FY22 and Pure unveiled two new service offerings to be generally available in Q1 FY23, Pure Fusion and Portworx Data Services.

For the first quarter, it expects revenue of $520 million, well ahead of Wall Street’s forecast of $512 million. For the full year, the company sees total revenue to be of $2.6 billion, representing growth of almost 20%, versus Wall Street’s forecast of $2.1 billion.

During the quarter, Pure announced that it was teaming up with AWS to make a key, three-year investment focused on helping joint customers use its Portworx container storage platform to manage applications running on Amazon EKS. As part of the investment, the companies plan to launch “solution development and enablement programs.” Pure also announced a new data protection tool for AWS customers in early access. That announcement came two months after Pure launched its latest FlashArray system, FlashArray//XL, a top-tier all-flash storage system that’s designed to run mission-critical enterprise applications such as containerized and cloud-native applications, plus massive databases.