Pure Storage Inc. (PSTG) shares surged 12.17% in after-hours on Wednesday, August 25, 2021, and closed the daily trading at $23.50. Earlier in the regular trading session of Wednesday, PSTG’s stock gained 1.26%. PSTG shares have risen 25.07% over the last 12 months, and they have moved up 9.00% in the past week. Over the past three months, the stock has gained 9.11%, while over the past six months, it has declined 11.68%.
Let’s have a brief look at its latest developments.
PSTG recent financial results announcement
On August 25, 2021, Pure Storage (PSTG) announced financial results for its fiscal second quarter ended August 1, 2021.
Q2 2022 financial highlights
- PSTG reported revenue of $496.8 million in Q2 2022 compared to $403.7 million in Q2 2021.
- The total cost of revenue was $156.8 million in Q2 2022 compared to $129.0 million in Q2 2021.
- Total operating expenses were $374.0 million in Q2 2022 compared to $339.0 million in Q2 2021.
- The company suffered a GAAP operating loss of $33.9 million in Q2 20222 compared to a GAAP operating loss of $64.2 million in Q2 2021.
Q3 2022 financial Guidance
For Q3 2022, the company is expecting,
- Total revenue approximately $530 million.
- Non-GAAP operating income of $40 million.
PSTG Upcoming Financial Analyst Day
On August 2, 2021, Pure Storage (PSTG) will host its next Financial Analyst Day on Tuesday, September 28, 2021, beginning at 9:30 am PT / 12:30 pm ET.
The hybrid Financial Analyst Day will be held in-person at the New York Stock Exchange and over a live webcast. The event will feature presentations by the Pure leadership team on the company’s vision, strategy, and financial outlook.
PSTG expanding its services
On July 20, 2021, Pure Storage (PSTG) announced further expansion of its robust subscription services portfolio. With FlashStack delivered as-a-Service, customers can leverage Pure and Cisco’s AI-based software-defined infrastructure with flexible consumption economics. For applications running on Kubernetes, Portworx Cloud Consumption aligns spend to actual hours of usage.
The exceptional growth of the PSTG Storage program
On July 13, 2021, Pure Storage (PSTG) reached a new growth milestone for its subscription-based Evergreen™ Storage program, with over 2,700 customers having done non-disruptive storage upgrades and the average number of upgrades having grown 38% year-over-year for the last five years. The consistent growth of Evergreen serves as a foundation for Pure’s strategy to deliver simple, reliable, and scalable storage-as-a-service (STaaS) and a seamless bridge to the cloud.
Conclusion
The recent financial results announcement which beat the revenue and earnings estimates was the reason behind its top-notch performance on Wednesday. It can continue its positive momentum in the next trading sessions as well.
