Pure Storage Q3 2023 Earnings Report
Key Takeaways
Pure Storage announced its Q3 fiscal year 2023 financial results, with revenue reaching $676.0 million, a 20% increase year-over-year. Subscription services ARR exceeded $1 billion, and the company increased its full-year 2023 non-GAAP operating income guidance. The company continues to focus on sustainability and expanding its service offerings.
Revenue reached $676.0 million, up 20% year-over-year.
Subscription Services revenue grew to $244.8 million, a 30% increase year-over-year.
Subscription Annual Recurring Revenue (ARR) exceeded $1.0 billion, up 30% year-over-year.
GAAP operating income was $9.1 million; non-GAAP operating income was $107.2 million.
Pure Storage
Pure Storage
Pure Storage Revenue by Segment
Forward Guidance
Pure Storage provided guidance for Q4 FY23 and full year FY23, expecting revenue of approximately $810 million for Q4 and $2.75 billion for the full year. Non-GAAP operating income is projected to be $130 million for Q4 and $430 million for the full year.
Positive Outlook
- Revenue for Q4 is expected to be approximately $810 million.
- Full year revenue is projected to be approximately $2.75 billion.
- Non-GAAP operating income for Q4 is expected to be $130 million.
- Full year non-GAAP operating income is projected to be $430 million.
- Non-GAAP operating margin for the full year is expected to be 15.6%.
Challenges Ahead
- Guidance is forward-looking and actual results may differ materially.
- Certain items that impact non-GAAP measures are not within Pure’s control.
- Reconciliation of non-GAAP financial measures guidance to corresponding GAAP measures is not available without unreasonable effort.
- Potential risks and uncertainties could cause actual results to differ from predicted results.
- Reported results should not be considered as an indication of future performance.