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May 07, 2023
Pure Storage Q1 2024 Earnings Report
Reported a decrease in revenue but an increase in subscription services revenue and ARR.
Key Takeaways
Pure Storage announced its Q1 fiscal year 2024 financial results, with a revenue of $589.3 million, a 5% decrease year-over-year. However, subscription services revenue increased by 28% year-over-year to $280.3 million, and subscription ARR grew by 29% year-over-year to $1.2 billion.
Revenue was $589.3 million, a decrease of 5% year-over-year.
Subscription services revenue was $280.3 million, up 28% year-over-year.
Subscription ARR was $1.2 billion, up 29% year-over-year.
GAAP operating loss was $(71.8) million; non-GAAP operating income was $19.6 million.
Revenue by Segment
Forward Guidance
Pure Storage provided guidance for Q2 FY24, expecting revenue of $680 million and a non-GAAP operating margin of 13%. For the full fiscal year 2024, they anticipate mid to high single-digit year-over-year revenue growth and a non-GAAP operating margin of 15%.
Positive Outlook
- Revenue $680 million for Q2 FY24
- Non-GAAP Operating Income $90 million for Q2 FY24
- Non-GAAP Operating Margin 13% for Q2 FY24
- Mid to High Single Digit Y/Y Growth for FY24
- Non-GAAP Operating Margin 15% for FY24
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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