PSTG Stock: Pure Storage Delivers Earnings Beat

Enterprise data storage company Pure Storage (PSTG) late Wednesday topped analyst estimates for its fiscal second quarter and provided a sales outlook above views for the current period. PSTG stock rose in extended trading.


The Santa Clara, Calif.-based company earned an adjusted 34 cents a share on sales of $688.7 million for the quarter ended Aug. 6. Analysts polled by FactSet had expected Pure Storage earnings of 28 cents a share on sales of $682 million. Year over year, Pure Storage earnings and sales both advanced 6%.

For the current quarter, Pure Storage predicted sales of $760 million, up 12% from the same period last year. Wall Street had called for sales of $757 million in the fiscal third quarter.

For the full fiscal year, Pure Storage forecast sales growth in the mid- to high-single-digit percentages. Analysts were looking for sales growth of 7% to $2.95 billion.

PSTG Stock Is No. 1 In Industry Group

In after-hours trading on the stock market today, PSTG stock climbed 1.3% to 36.95. During the regular session Wednesday, PSTG stock rose 0.4% to close at 36.48.

“Customers have responded enthusiastically to Pure’s new ability to satisfy all of their data storage needs on a single, consistent, flash data-storage and management platform,” Chief Executive Charles Giancarlo said in a news release.

Chief Financial Officer Kevan Krysler highlighted record sales across the company’s FlashBlade portfolio. Also, Pure Storage doubled subscription sales year over year for its Evergreen//One offering, he said.

Pure Storage ranks first out of 10 stocks in IBD’s Computer-Data Storage industry group, according to IBD Stock Checkup. Shares have an IBD Composite Rating of 90 out of 99.

Further, PSTG stock is on the IBD Tech Leaders list.

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.


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Read More: PSTG Stock: Pure Storage Delivers Earnings Beat

2023-08-30 21:11:00

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