Pure Storage, Inc. (NYSE:PSTG) shares are soaring after the company reported its third-quarter results after Tuesday's closing bell. Here's a look at the details from the report.
The Details: Pure Storage reported quarterly earnings of 50 cents per share, which beat the analyst consensus estimate of 42 cents. Quarterly revenue came in at $831.07 million which beat the consensus estimate of $818.14 million and is an increase over sales of $762.84 million from the same period last year.
Pure Storage reported:
- Subscription services revenue of $376.4 million, up 22% year-over-year.
- Subscription annual recurring revenue (ARR) of $1.6 billion, up 22% year-over-year.
- Remaining performance obligations (RPO) of $2.4 billion, up 16% year-over-year.
- Non-GAAP gross margin was 71.9%.
- Non-GAAP operating income was $167.3 million.
- Non-GAAP operating margin was 20.1%.
- Operating cash flow of $97 million.
- Free cash flow of $35.2 million
“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,” said Pure Storage CEO Charles Giancarlo.
“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,” Giancarlo added.
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Outlook: Pure Storage sees fourth-quarter revenue of $867 million, versus the $856.93 million estimate, and fiscal 2025 revenue of $3.15 billion, versus the $3.13 billion estimate.
PSTG Price Action: According to Benzinga Pro, Pure Storage shares are up 23.55% after-hours at $66.15 at the time of publication Tuesday.
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Photo: Courtesy of Pure Storage, Inc.