March 2nd, 2016 by Adam Armstrong
Pure Storage Reports Its Best Quarter So Far
Today Pure Storage announced financial results for the fourth quarter and fiscal year ended January 31, 2016. While their stock had a bit of a bumpy start, their 3rd quarter and this quarter showed some pretty impressive performance. Today actually marks Pure’s best quarter so far with revenue of $150.2 million up from $65.9 million a year ago (or 128%) and up from $131.4 million last quarter.
Image courtesy of Yahoo Finance
Of course, this is good news for Pure Storage and its shareholders as other tech companies that have gone public recently have not been fairing too well. Pure looked to stumble when it first went public over a kerfuffle over Gartner publishing inaccurate sales data from Pure Storage. Gartner issued an apology over the mistake. Though the stock has been down from its IPO, which is not unheard of or unusual, it has since recovered and after hours trading today has seen the stock take a leap up in price.
It’s not all revenue either. Pure is also reporting that they have narrowed their GAAP net loss to $44.3 million or $0.23/share (non-GAAP saw the loss drop to $22.3 million or $0.12/share). This is quite the improvement year-over-year of $1.28/share GAAP and $0.12/share non-GAAP beating expectations of $0.16/share. And according to Pure’s CEO, Scott Dietzen, the company grew its customer base by 120 percent over the past year. He attributed this growth to the increasing popularity of flash and cloud storage.
Looking ahead, Pure is expecting their revenue for next quarter to be between $135 million to $139 million and the full year revenue to fall into the range of $685 million to $725 million.