PSTG - Pure Storage soars +20% on beat-and-raise FQ1 sees no new hard disks sold in five years
2023-06-01 14:32:31 ET
Class A shares of Pure Storage ( NYSE: PSTG ) on Thursday were on track to post their best day in almost exactly a year after the data storage company delivered a beat-and-raise quarter.
PSTG stock was up 21.9% to $35.10 in late afternoon trade and was set for its best intraday performance since June 2, 2022.
It is worth noting that the stock was already on a strong run recently, having posted gains in 10 of its last 13 sessions .
PSTG after hours on Wednesday posted FQ1 GAAP EPS of -$0.22 which beat estimates by two cents . Revenue fell 5% Y/Y to $589.3M, but beat expectations by ~$30M .
The company reported a Y/Y jump of nearly 30% in both subscription services revenue and subscription annual recurring revenue (ARR).
PSTG CEO Charles Giancarlo on the earnings conference call said the company saw its highest all-time sales for its storage-as-a-service platform Evergreen//One and the first sales of its FlashBlade//E product line.
"As I've stated in the past, the days of hard disks are coming to an end. We predict that there will be no new hard disks sold in five years," Giancarlo added.
PSTG also reaffirmed its FY 2024 revenue growth guidance of mid to high single digits, versus a consensus estimate of +7.13%.
PSTG provided FQ2 revenue guidance of $680M, beating the consensus estimate of $670.83M.
Pure Storage ( PSTG ) has added 7.6% YTD.
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Pure Storage soars +20% on beat-and-raise FQ1, sees no new hard disks sold in five years