Pure Storage (PSTG) Stock: Why The Price Jumped Today

By Amit Chowdhry ● Nov 24, 2021
  • The stock price of Pure Storage Inc (NYSE: PSTG) increased by over 13% during intraday trading today. This is why it happened.

The stock price of Pure Storage Inc (NYSE: PSTG) increased by over 13% during intraday trading today. Investors are responding positively to what was announced in the company’s third quarter fiscal 2022 financial results.

These are the highlights:

Q3 Financial Highlights

— Revenue $562.7 million, up 37% year-over-year

— Subscription Services revenue $187.8 million, up 38% year-over-year

— Subscription Annual Recurring Revenue (ARR) $788.3 million, up 30% year-over-year

— Remaining Performance Obligations (RPO) $1.2 billion, up 27% year-over-year

— GAAP gross margin 66.6%; non-GAAP gross margin 68.5%

— GAAP operating loss $(18.1) million; non-GAAP operating income $69.5 million

— GAAP operating margin (3.2)%; non-GAAP operating margin 12.3%

— Operating cash flow $127.0 million; free cash flow $101.3 million

— Total cash and investments $1.4 billion

KEY QUOTES:

“With Q3 revenue up 37% year-over-year and with increasing profitability, it’s clear that Pure continues to set the pace for the industry. We’re delighted to provide cutting edge data services to customers and with our continued leadership in two Gartner Magic Quadrants.”

— Charles Giancarlo, Chairman and CEO, Pure Storage

“Our strong Q3 performance was fueled by increased customer demand and execution across the entire business. We are in a great innovation cycle with our portfolio.”

— Kevan Krysler, CFO, Pure Storage

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.