Pure Storage Soars as Q3 Sales Prompt Another Revised Guidance

Pure Storage Soars as Q3 Sales Prompt Another Revised Guidance
Pure Storage Soars as Q3 Sales Prompt Another Revised Guidance

By Dhirendra Tripathi

Investing.com – Pure Storage stock (NYSE:) climbed 14% Wednesday as the company’s third-quarter revenue jumped 37% from the same time last year to help the company raise its guidance again.

The company that provides storage as-a-service in a multi-cloud world now expects revenue to be $2.1 billion for the current financial year ending January 31, up around 25% from last year’s $1.68 billion. Its forecast in August saw current-year revenue at $2.04 billion.

New customer additions rose by around 12% in the third quarter to close October with more than 9,500 clients.

Existing the quarter, the company achieved annual recurring revenue of $788 million from subscriptions, a growth of 30%. Subscription ARR is a key business metric that refers to the total annualized contract value of all active subscription agreements on the last day of the quarter.

Remaining performance obligations, a metric that gives a peep into likely revenue, jumped 27% to $1.24 billion.

Adjusted profit per share of 22 cents on third-quarter revenue of $563 million was well ahead of estimates.

 

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