Pure Storage reports Q2 earnings; shares up 14%

Published on: 25 Aug, 2017

Pure Storage Inc. (NYSE: PSTG) reported its second quarter earnings and beat estimates in both earnings and revenue.

The storage company reported revenue of $224.5 million, 38 percent increase year over year, and beating the company’s previous quarter guidance by 3 percent. The company also beat analysts estimates in revenue by $5.86 million. The company also limited its losses and posted an EPS loss of $-0.11, beating analysts estimates by $0.04

In the second quarter, the company had more than 350 new customers join the storage company, increasing the total number to 3,700 organizations. Of the total customers, more than 25 percent are Fortune 500 companies.

Notable customer gains this quarter for Pure Storage are: Airbus, COCC, Delta Dental of Michigan, Ford Otomotiv Turkey, Man AHL, Mentor, NASA's Kennedy Space Center, ServiceNow, SSI, and Zenuity.

Pure Storage also announced Charles Giancarlo as the new CEO and member of the Board of Directors, effective immediately. Giancarlo succeeds former CEO Scott Dietzen. Giancarlo has served in senior executive roles at Cisco Systems and Silver Lake Partners.

"Pure continues to deliver the absolute best data platform for the cloud era," said Pure Storage CEO Scott Dietzen. "We're succeeding at our core mission: helping organizations get more value from their data through a radical increase in performance and radical reduction in complexity and total cost of ownership."

Pure Storage now has raised its guidance for the rest of the fiscal year. The company expects revenue in the range of $985 million to $1.025 billion for the fiscal year. The company expects Non-GAAP gross margins in the range of 63.5 percent to 66.5 percent and Non-GAAP operating margin in the range of -7 percent to -3 percent.

Shares closed on Thursday before earnings call at $12.57 and jumped up over 14 percent after open on Friday.

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Marco Zhou

Email: Marco@financialinsiders.com

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