Pure Storage shares soar 7% on Q1 beat & strong guidance By Investing.com

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Pure Storage shares soar 7% on Q1 beat & strong guidance

Published May 31, 2023 17:52

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Pure Storage shares soar 7% on Q1 beat & strong guidance

PSTG

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Pure Storage (NYSE:PSTG) shares gained more than 7% after-hours following the company’s reported Q1 earnings, with EPS of $0.08 coming in better than the consensus estimate of $0.04.

Revenue fell 5% year-over-year to $589.3 million, beating the consensus estimate of $559.78M. Excluding the impact of $60M of Q1/23 product revenue that was contemplated in the second half of last year, revenue grew 5% year-over-year.

Subscription services revenue increased 28% year-over-year to $280.3M. Subscription annual recurring revenue (ARR) was $1.2 billion, representing a 29% year-over-year increase.

For Q2/24, the company expects revenue of $680M, above the consensus estimate of $657.4M. Non-GAAP operating margin is expected to be 13%.

For the full year, the company expects mid-to-high single-digit revenue growth year-over-year. Non-GAAP operating margin is expected to be 15%.

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