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Nov 06, 2022
Pure Storage Q3 2023 Earnings Report
Reported strong financial results with revenue growth and increased operating profits.
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
Revenue by Segment
Product Revenue
CapyFin.comSubscription Services Revenue
CapyFin.com 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.