Pure Storage Stock Climbs After Better-Than-Expected Q1 Results
Portfolio Pulse from Erica Kollmann
Pure Storage Inc (NYSE:PSTG) shares surged after the company reported better-than-expected Q1 results. The company posted earnings of 32 cents per share, beating the consensus estimate of 21 cents. Quarterly sales were $693.479 million, surpassing the $680.972 million estimate and marking a 17.68% year-over-year increase. Subscription services revenue grew by 23% to $346.1 million, and subscription ARR increased by 25% to $1.4 billion. The company also provided a positive outlook for Q2 and fiscal year 2025.
May 29, 2024 | 9:15 pm
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Pure Storage Inc (NYSE:PSTG) reported strong Q1 results, beating both earnings and sales estimates. The company posted earnings of 32 cents per share, surpassing the consensus estimate of 21 cents. Quarterly sales were $693.479 million, exceeding the $680.972 million estimate and representing a 17.68% year-over-year increase. Subscription services revenue grew by 23% to $346.1 million, and subscription ARR increased by 25% to $1.4 billion. The company also provided a positive outlook for Q2 and fiscal year 2025.
The strong Q1 results, including earnings and sales that beat estimates, along with significant growth in subscription services revenue and a positive outlook for the next quarter and fiscal year, are likely to drive the stock price up in the short term.
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