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Pure Storage (PSTG) up 10% as Q3 beats estimates

By Joyanta Acharjee

13:50, 24 November 2021

Cloud storage services
Pure Storage said subscription services revenue was up 38% – Photo: Shutterstock

Pure Storage’s stock moved higher in pre-market activity on Wednesday as the cloud storage company reported fiscal third-quarter earnings that beat estimates.

For the period ended 31 October, the net loss narrowed to $28.7m (£21.5m) from a loss of $74.2m a year earlier. Total revenue jumped 37% to $562.7m from $410.6m in the prior fiscal third quarter.

Adjusted earnings per share of 22 cents beat analysts’ estimates of earnings of 12 cents on revenue of $530.83m, according to figures widely available on financial news sites. 

Stock up 

In pre-market trading, the stock was up 10% at $30. Pure Storage is up 18% year to date.

With supply chain issues in the forefront of investors’ minds, Pure Storage CEO Charles Giancarlo put them at ease.

“Pure has built a very robust supply chain based on strong, open and trusted relationships with our partners. Our strategy incorporates manufacturing and operations in multiple sites and on multiple continents to enable flexibility, resilience and global responsiveness,” Giancarlo said on a conference call.

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2,037.80 Price
-1.680% 1D Chg, %
Long position overnight fee -0.0200%
Short position overnight fee 0.0118%
Overnight fee time 22:00 (UTC)
Spread 0.50

Oil - Crude

73.53 Price
-1.260% 1D Chg, %
Long position overnight fee -0.0200%
Short position overnight fee -0.0019%
Overnight fee time 22:00 (UTC)
Spread 0.030


15,807.40 Price
-1.180% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8


41,714.65 Price
+4.930% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00
Pure Storage financials at a glancePure Storage reported Q3 earnings and other metrics – Photo: Pure Storage

‘Double-digit’ growth

On the call, Giancarlo added that the company recorded “double-digit quarter-over-quarter growth” across all of its product lines and across both US and international markets.

“We are also pleased with our strong profitability trend continuing through this fiscal year. With a sustained and steady growth across all key regions, products and customer segments, Pure continues to take share in this large and growing market,” the CEO said.

Subscription revenue 

Pure Storage said that subscription services revenue was up 38% year on year at $187.8m. Subscription annual recurring revenue was $788.3m, up 30% year over year.

For the fiscal fourth-quarter, Pure Storage said it expects revenue of $630m. The company expects revenue of $2.1bn for the current fiscal year.

Read more: Backblaze IPO set to secure funds for more storage capacity

Markets in this article

Pure Storage
32.98 USD
-0.28 -0.850%
Pure Storage
32.98 USD
-0.28 -0.850%

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