Pure Storage Reports Q2 Beat & Better Than Expected Guidance, Shares Up 7% By Investing.com

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Pure Storage Reports Q2 Beat & Better Than Expected Guidance, Shares Up 7%

Published Aug 31, 2022 05:31PM ET

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Pure Storage Reports Q2 Beat & Better Than Expected Guidance, Shares Up 7%

PSTG

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By Davit Kirakosyan

Pure Storage, Inc. (NYSE:PSTG) shares were trading more than 7% higher after-hours following the company’s reported Q2 results, with EPS of $0.32 coming in better than the consensus estimate of $0.22. Revenue grew 30% year-over-year to $646.8 million, compared to the consensus estimate of $636.04 million.

Subscription services revenue grew 35% year-over-year to $232.2 million. Subscription Annual Recurring Revenue (ARR) was up 31% year-over-year to $955.3 million. Remaining Performance Obligations (RPO) were $1.5 billion, representing a 25% year-over-year growth.

"Pure saw continued growth and solid market share gains as our expanding portfolio of industry leading products and services are recognized and embraced by more and more enterprises around the world," said Charles Giancarlo, Chairman and CEO of Pure Storage.

The company expects Q3/23 revenue of $670 million, compared to the consensus estimate of $651.62 million. For the full 2023-year, the company expects revenue of $2.75 billion, compared to the consensus estimate of $2.64 billion.

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