PSTG - Pure Storage jumps on Q4 earnings beats issues upside guidance

Pure Storage (NYSE:PSTG) shares have popped ~11% in pre-market trading after the technology firm reported Q4 earnings and revenue beats and issued upside guidance. Q4 revenue grew 41% Y/Y to $708.6M, with subscription services revenue up 42% Y/Y to $216M and subscription annual recurring revenue up 31% Y/Y to $848.8M. Remaining performance obligations, or RPO, which includes committed and noncancelable future revenue, was over $1.4B, growing at 29%. Total non-GAAP gross margins were ~69% this quarter, while Non-GAAP product gross margins of 67% were slightly impacted by higher supply chain-related costs. The firm generated a net income of $14.94M in the quarter, compared with -$52.3M loss in Q421. It ended the quarter with over $1.4B in cash. For the year, Pure Storage more than doubled its cash flow from operations to more than $400M and generated over $300M of free cash flows. Guidance Q123: Revenue is expected to be $520M (consensus: $511.56M);

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Pure Storage jumps on Q4 earnings beats, issues upside guidance