- Pure Storage is involved in the development and manufacturing of all-flash software and data storage hardware products.
- On Tuesday, November 23, Pure Storage announced the results for the third quarter fiscal 2022 ended October 31, 2021.
- Notably, Pure Storage's subscription services revenue soared 38 per cent YoY to US$ 187.8 million in Q3 2022.
The stocks of Pure Storage Inc. (NYSE:PSTG) rose 35 per cent pre-market as investors seem to take interest in the enterprise data storage platform.
The California-based company is involved in the development and manufacturing of all-flash software and data storage hardware products. Pure Storage was started in 2009, however, it developed its products till 2011 before hitting the market.
Why Pure Storage (NYSE:PSTG) is rising?
On Tuesday, November 23, Pure Storage announced the results for the third quarter of fiscal 2022. The storage-as-a-service provider's revenue was US$ 562.7 million, representing a significant increase of 37 per cent year-over-year (YoY).
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Notably, Pure Storage's subscription services revenue soared 38 per cent YoY to US$ 187.8 million in Q3 2022. Charles Giancarlo, the chief executive officer (CEO) and chairman of the company said that while the increase in revenue increased Pure Storage's profitability, it is evident that the company continues to set the pace for the storage industry.
Kevan Krysler, the chief financial officer (CFO) of the company said that the strong performance in the third quarter of fiscal 2022 was due to increased customer demand and this could be due to increased online operations after the COVID-19 pandemic.
In Q3 2022, Pure Storage's subscription annual recurring revenue was US$ 788.3 million, up by 30 per cent YoY.
In the third quarter of fiscal 2022, Pure Storage enabled cloud-like automation and storage delivery to bring applications and infrastructure together.
The company's Pure Fusion product, which is an autonomous storage-as-code platform, allows its users to bring the cloud operating model anywhere.
In the fourth quarter, the company expects its revenue to be US$ 630 million and full-year revenue US$ 2.1 billion. Meanwhile, the non-GAAP operating income could be US$ 90 million in Q4 2022 and US$ 206 million for FY22.
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