May 25th, 2017 by Adam Armstrong
Pure Storage Releases Its 1Q18 Earnings Report
Pure Storage has announced its first fiscal quarter of 2018 earnings report. The company is reporting lower revenue and a higher net loss from the previous quarter. However, same quarter year over year showed a 31% increase in revenue and better operating margins. Overall the stock fluctuated a bit throughout the quarter to end near where it started.
Looking at this quarter’s numbers, revenue was $186.2 million down from last quarter’s $227.9 million but up from the same time last year, $139.9 million. Gross margin was 65.2% GAAP this quarter, down ever so slightly from last quarter’s 65.3% and down from this time last year (non-GAAP gross margin 66.4% up from last quarter’s 66.1%). GAAP Net loss was $62.4 million, up from last quarter’s $42.9 million. Non-GAAP net loss was $29.5 million up quite a bit over last quarter’s $4.8 million.
The earnings report is a bit of a mixed bag as it shows numbers a bit weaker than last quarter’s and at the same time showing better numbers from the same time a year ago. All in all, Pure continues to run at a loss. While this is the case, the company is expecting $214 million to $222 million for the next quarter with a gross margin of 63.5% to 66.5%. For the fiscal year, they are expecting $975 million to $1.025 billion in revenue.