PSTG - Pure Storage stock rallies after Q1 earnings topper raised outlook

Pure Storage (NYSE:PSTG) shares have rallied 10% after the data storage technology provider delivered better-than-expected Q1 results and raised full-year outlook. The company generated adj. EPS of $0.25 on revenue of $620.4M that grew 50.3% Y/Y. Subscription services grew 35% Y/Y to $219.2M, while subscription annual recurring revenue rose 29% Y/Y to $899.8M. Pure Storage (PSTG) raised its full-year 2023 guidance, now expecting revenue of ~$2.66B vs. $2.63B consensus (prior guidance: ~$2.6B) and non-GAAP operating income of $320M (prior guidance: $300M). For Q2, it guides revenue to be ~$635M vs. $620.65M consensus and non-GAAP operating income of $75M The results and raised outlook were positively received by some analysts, with Evercore ISI saying that "The results are impressive and PSTG remains positioned for sustained >20% top- line growth. We could see PSTG's guide still being fairly conservative." Evercore has an outperform rating and a $40 PT on the stock. However, Wells Fargo

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Pure Storage stock rallies after Q1 earnings topper, raised outlook