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Pure Storage Inc. Class A Up 3.19% To $30.12 After Earnings Beat

Thursday, December 01, 2022 11:14 AM | InvestorsObserver Analysts
Pure Storage Inc. Class A Up 3.19% To $30.12 After Earnings Beat

Pure Storage Inc. Class A (PSTG) said after close Wednesday that it earned $0.31 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $676.1 million, beating estimates by $11 million.

In the same quarter a year ago, the company earned $0.22 per share on revenue of $562.7 million.

The stock is up 3.19% to $30.12 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Pure Storage Inc. Class A has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 77, putting Pure Storage Inc. Class A in the top 25% of stocks. The firm set a 52-week low on May 24, 2022 at $21.9 and set a 52-week high on March 28, 2022 at $36.71.

Pure Storage Inc is a US-based company that provides an enterprise data storage platform that transforms business through a dramatic increase in performance and reduction in complexity and costs. It generates revenue from two sources: product revenue which includes the sale of integrated storage hardware and embedded operating system software and; subscription services revenue which includes Evergreen Storage subscriptions, a unified subscription which includes Pure as-a-Service, and Cloud Block Store, and Portworx. Subscription services revenue also includes professional services offerings such as installation and implementation consulting services.

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