Pure Storage Stock Tumbles On Q3 Earnings: What's Happening?
Portfolio Pulse from Adam Eckert
Pure Storage Inc (NYSE:PSTG) reported Q3 earnings with mixed results, missing revenue estimates but beating EPS expectations. The company's revenue increased by 13% year-over-year, with subscription services revenue up 26%. Despite positive cash flow and a strong cash position, the stock dropped after hours due to weaker-than-expected Q4 and full-year 2024 revenue guidance. Management is set to discuss the results in a conference call.
November 29, 2023 | 10:09 pm
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Pure Storage's stock fell after reporting Q3 earnings, missing revenue estimates but beating EPS. The company's weak Q4 and full-year 2024 revenue guidance has led to selling pressure.
The stock price of Pure Storage is likely to face downward pressure in the short term due to the revenue miss and lower-than-expected future guidance, which can overshadow the positive EPS beat and year-over-year growth.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100