PSTG - Pure Storage price takes a dip despite raising topline forecast for FY
- Pure Storage ( NYSE: PSTG ) topline reaches $646.8M, beats consensus by $10.71M . a 30% Y/Y surge.
- Subscription services revenue $232.2M, up 35% Y/Y; Subscription Annual Recurring Revenue (or ARR) $955.3M, up 31% Y/Y.
- Remaining Performance Obligations (or RPO) $1.5B, up 25% Y/Y.
- GAAP gross margin 68.6%; non-GAAP gross margin 70.4%
- GAAP operating income $14.4M; non-GAAP operating income $106M
- GAAP operating margin 2.2%; non-GAAP operating margin 16.4%.
- Operating cash flow $159.4M; free cash flow $134.2M
- Total cash, cash equivalents, and marketable securities $1.4B
- Returned ~$61M in Q2 to stockholders, repurchased 2.4M share.
- Non-GAAP EPS of $0.32 beats consensus by $0.10 .
- Sees FY 2023 revenue of about $2.75B vs. previous forecast of about $2.66B vs. consensus of $2.75B
- Q3 Guidance : Revenue $670M vs. consensus $666.97M Non-GAAP Operating Income $85M; Non-GAAP Operating Margin Approx. 12.7%.
- Contributor comments: ' Pure Storage: Market Share Gains Offsetting Macro Headwinds '
- Stock has a Strong Buy Quant rating with 4.79 score and highest factor grades given to revisions and momentum.
- A comparative price performance of the sock against its peers.
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Pure Storage price takes a dip despite raising topline forecast for FY