Pure Storage Inc PSTG shares were trading lower in Wednesday's after-hours session on the heels of the company's third-quarter financial results. Here's a look at the key metrics from the quarter.
- Q3 Revenue: $762.8 million missed estimates of $763.362 million
- Q3 EPS: 50 cents beat estimates of 40 cents
Total revenues were up 13% year-over-year. Subscription services revenue was up 26% year-over-year.
Operating cash flow came in at $158.4 million and free cash flow totaled $113.4 million in the quarter. Pure Storage ended the quarter with $1.35 billion in cash, equivalents and marketable securities.
"Pure continues to see extraordinary growth in our Evergreen Storage-as-a-Service consumption services providing customers with a Cloud Operating Model for their multi-cloud infrastructure," said Charles Giancarlo, chairman and CEO of Pure Storage.
"And we have raised the bar for data storage management with strong SLAs that guarantee no change management downtime or disruption, and no future data migrations for hardware changes or replacements — all while simplifying data storage operations, optimizing cloud storage, and reducing costs."
Outlook: Pure Storage anticipated fourth-quarter revenue of $782 million versus estimates of $919.42 million. Full-year 2024 revenue was expected to be approximately $2.82 billion versus estimates of $2.86 billion.
The stock appeared to be facing selling pressure due to the weak fourth-quarter guidance. Management will hold a conference call to discuss its quarterly results at 5 p.m. ET.
PSTG Price Action: Pure Storage shares were down 13.52% at $31.81 at the time of publication, according to Benzinga Pro.
Photo: 3844328 from Pixabay.
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