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Pure Storage beats Q3, but shares plunge 13% on disappointing guidance

AuthorDavit Kirakosyan
Published 30/11/2023, 09:38 am
© Reuters.
PSTG
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Pure Storage (NYSE:PSTG) reported its Q3 results, with EPS of $0.50 coming in better than the consensus estimate of $0.40. Revenue grew 13% year-over-year to $762.8 million, better than the consensus estimate of $761.49M.

Despite the beat, shares plunged more than 13% after-hours due to worse-than-expected guidance. For Q4/24, the company anticipates revenue of $782M, compared to the consensus estimate of $919.4M.

"We are pleased to see strengthening demand across our data storage platform, including the growth of our Evergreen//One Storage-as-a-Service offering, while also expanding our operating margin," said CFO Kevan Krysler.

Subscription services revenue in Q3 increased 26% year-over-year to $309.6M. Remaining performance obligations (RPO) were $2.0 billion, representing a 30% year-over-year growth.

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