Pure Storage Inc. (PSTG) gained a good 14.88% pre-market, at $31.34 on November 24. The stock lost 0.73% in the previous trading session, to close at $27.28 at a volume of 3.73 million. During the active market session, the stock went as high as $27.76 and as low as $26.82. While in the 52-week range the stock varied between $29.53 and $16.79 at an average volume of 3.7 million. In the past five days, the stock lost 3.02% while it has gained 31.85% in the last three months. Moreover, PSTG stock has gained a value of 20.65% year to date. Currently, the market capital of the stock is $7.78 billion along with 283.25 million outstanding shares. The stock’s recent uptrend was a result of the company’s beat third-quarter earnings for the fiscal year 2022.
Incorporated in 2009, Pure Storage Inc. (PSTG) provides technology and data storage solutions in the United States and internationally. It was formerly known as OS76 Inc.
The Q3 Finances
On November 23, Pure Storage Inc. (PSTG) announced its financial results for the third quarter of the fiscal year 2022. The revenues in the Q3 fiscal 2022, were $562.7 million, against $410.6 million in Q4 fiscal 2021. The revenue showed an increase of 37% year-over-year. Moreover, the revenues also beat the consensus estimate of $531 million by 6.09%. Furthermore, the subscription services revenue increased by 38% year-over-year, and the subscription annual recurring revenue increased by 30% year-over-year.
Further, the GAAP operating loss was $18.1 million for the quarter, while the non-GAAP operating income stood at $69.5 million. Consequently, the GAAP operating margin was (3.2)% while the non-GAAP operating margin was 12.3%. In addition, the EPS for the fourth quarter of fiscal 2022, was $0.22, compared to the consensus estimate of $0.12 earnings per share.
As per the third quarter of the fiscal year 2022, the operating cash flow of PSTG was 127.0 million with a free cash flow of $101.3 million.
PSTG’s Future Guidance
Pure Storage Inc. (PSTG) also issued its guidance for the upcoming fourth quarter of the fiscal year 2022 and the full fiscal year 2022. As per the guidance, the company expects revenue of approximately $630 million in Q4 and $2.1 billion for the full fiscal year 2022. Moreover, the non-GAAP operating income is expected to be $90 million in Q4 and $206 million in the full fiscal year 2022. Accordingly, a non-GAAP operating margin of 14% approx. is expected for the Q4 and 10% approx. for the full fiscal year 2022.