Pure Storage Stock Climbs After Better-Than-Expected Q1 Results

Zinger Key Points
  • Pure Storage reports quarterly earnings of 32 cents per share which beat the analyst consensus estimate of 21 cents by 52.38%.
  • Quarterly revenue comes in at $693.479 million, beating the analyst consensus estimate of $680.972 million.
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Pure Storage Inc PSTG shares are trading higher after the company reported its first-quarter financial results Wednesday. Here's a look at the highlights from the report. 

The Details: Pure Storage reported quarterly earnings of 32 cents per share, which beat the analyst consensus estimate of 21 cents by 52.38%.

Quarterly sales clocked in at $693.479 million, beating the analyst consensus estimate of $680.972 million and representing a 17.68% increase over sales of $589.307 million from the same period last year.

The company reported subscription services revenue of $346.1 million, up 23% year-over-year, and subscription annual recurring revenue (ARR) of $1.4 billion, up 25% year-over-year. Non-GAAP gross margin was 73.9% for the quarter.

“Pure Storage is uniquely positioned to integrate fragmented data storage environments, which hinders enterprises from easily deploying artificial intelligence, hybrid cloud, and modern application deployment,” said Charles Giancarlo, chairman and CEO, Pure Storage.

“At our June Accelerate conference, global customers will see how our latest innovations enable enterprises to adapt to rapid technological change with a platform that fuses data centers and cloud environments.”

Outlook: Pure Storage sees second-quarter revenue of $755 million, versus the $750.308 million estimate, and fiscal year 2025 revenue of $3.1 billion, versus the $3.127 billion consensus estimate.

PSTG Price Action: According to Benzinga Pro, Pure Storage shares are up 7.46% after-hours at $67.70 at the time of publication Wednesday.

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Photo: Brian Penny from Pixabay

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