Pure Storage Stock Falls After Q2 Results: What's Going On?

Author: Erica Kollmann | August 28, 2024 05:12pm

Pure Storage Inc. (NYSE:PSTG) reported its second-quarter financial results after Wednesday's closing bell. Here's a look at the key figures from the report.  

The Details: Pure Storage reported quarterly earnings of 44 cents per share, which beat the analyst consensus estimate of 37 cents by 18.92%. Quarterly revenue came in at $763.77 million, which beat the consensus estimate by 1.15% and represents a 10.91% increase from the same period last year.

• Subscription services revenue was $361.2 million, up 25% year-over-year.
• Subscription annual recurring revenue (ARR) was $1.5 billion, up 24% year-over-year.
• Remaining performance obligations (RPO) were $2.3 billion, up 24% year-over-year.

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“We delivered strong financial results through the first half of our fiscal year, highlighting the effectiveness of our strategic initiatives,” said Kevan Krysler, CFO of Pure Storage. “Our highly differentiated data storage platform strategy is demonstrating success with our customers.”

Outlook: Pure Storage sees third-quarter revenue of $815 million, versus the $762 million estimate, and fiscal year revenue of $3.1 billion, versus the $3.13 billion estimate.

What Else: It is worth noting that NVIDIA Corp (NASDAQ:NVDA) shares are down at least 4% after the company reported its second-quarter results after the closing bell.

PSTG Price Action: According to Benzinga Pro, Pure Storage shares are down 14.01% after-hours at $51.39 at the time of publication Wednesday.

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Image: Courtesy of Pure Storage, Inc. 

Posted In: NVDA PSTG