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Pure Storage (PSTG) Posts Better-Than-Expected Earnings for Third-Quarter Fiscal 2022 and Raises Guidance; Shares Rise

Wednesday, November 24, 2021 09:06 AM | Carl Pettit
Pure Storage (PSTG) Posts Better-Than-Expected Earnings for Third-Quarter Fiscal 2022 and Raises Guidance; Shares Rise

On Nov. 23, Pure Storage (PSTG) posted better-than-expected earnings for its third-quarter fiscal 2022 and raised its guidance.

Before market open today, PSTG shares were trading 9.71% higher.

Earnings and Revenue Surpass Analysts’ Expectations

Pure Storage announced that its adjusted earnings per share for the quarter was 22 cents per share coming from a revenue of $562.7 million. The market had predicted around 12 cents a share based on revenue of $531 million.

CEO Comments

"Our strong Q3 performance was fueled by increased customer demand and execution across the entire business," CEO Kevan Krysler remarked. "We are in a great innovation cycle with our portfolio."

Company Raises Fourth Quarter and FY22 Guidance

Pure Storage raised its fourth quarter and fiscal year 2022 guidance. The high-speed storage systems maker now expects fourth quarter FY22 revenue of $630 million, with revenue for the full year coming in at $2.1 billion. The company also anticipates Non-GAAP operating margins of approximately 14% and 10% (full year), respectively.

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