Pure Storage Q3 2024 Earnings Report
Key Takeaways
Pure Storage reported a 13% year-over-year increase in revenue, reaching $762.8 million, with subscription services revenue up 26% year-over-year. The company's subscription ARR also grew by 26% year-over-year, reaching $1.3 billion. They also expect nearly $400 Million of Combined Annual Evergreen//One and Evergreen//Flex Sales.
Revenue increased by 13% year-over-year to $762.8 million.
Subscription services revenue grew by 26% year-over-year to $309.6 million.
Subscription annual recurring revenue (ARR) increased by 26% year-over-year to $1.3 billion.
GAAP operating income was $74.2 million, while non-GAAP operating income was $169.1 million.
Pure Storage
Pure Storage
Pure Storage Revenue by Segment
Forward Guidance
Pure Storage provided guidance for Q4 FY24 with revenue of $782 million, non-GAAP operating income of $150 million, and non-GAAP operating margin of 19%. For the full fiscal year 2024, revenue is projected to be $2.82 billion, with non-GAAP operating income of $450 million and a non-GAAP operating margin of 16%.
Positive Outlook
- Q4 revenue is expected to be $782 million.
- Full year revenue is expected to be $2.82 billion.
- Q4 non-GAAP operating income is expected to be $150 million.
- Full year non-GAAP operating income is expected to be $450 million.
- Q4 non-GAAP operating margin is expected to be 19%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income