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SANTA CLARA - Pure Storage (NYSE:PSTG) shares surged 15% after the data storage technology provider reported better-than-expected second quarter results and raised its full-year outlook, demonstrating strong customer adoption of its platform strategy.
The company reported second quarter adjusted earnings of $0.43 per share, exceeding analyst estimates of $0.39. Revenue reached $861 million, surpassing the consensus forecast of $846.2 million and representing a 13% increase YoY. Subscription services revenue grew 15% YoY to $414.7 million.
Pure Storage’s stock jumped 15% following the announcement, as investors responded positively to both the quarterly performance and raised guidance. For the third quarter, the company projects revenue between $950 million and $960 million, well above analyst expectations of $913.1 million. The company also raised its full-year revenue forecast to $3.6-3.63 billion from its previous guidance of $3.515 billion, exceeding the consensus estimate of $3.52 billion.
"Our strong second quarter results demonstrate ever more customers’ confidence in the value of the Pure Storage platform to advance their data storage and management now and into the future," said Pure Storage CEO and Chairman Charles Giancarlo.
The company reported a non-GAAP operating margin of 15.1% for the quarter, with operating income of $130 million. Subscription annual recurring revenue grew 18% YoY to $1.8 billion, while remaining performance obligations increased 22% to $2.8 billion.
"Pure Storage exceeded both its revenue and operating profit guidance in the second quarter, reflecting strong customer adoption of our platform strategy," said CFO Tarek Robbiati.
During the quarter, Pure Storage introduced its Enterprise Data Cloud architecture and expanded its portfolio with next-generation storage products, including FlashArray//XL, FlashArray//ST, and FlashBlade//S.
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