Pure Storage (PSTG) Q4 Earnings & Revenues Beat Estimates
Zacks Investment Research | Feb 27, 2020 09:38PM ET
Pure Storage Inc. (NYSE:PSTG) reported non-GAAP earnings of 23 cents per share in fourth-quarter fiscal 2020, beating the Zacks Consensus Estimate by 4.6%. Moreover, the bottom line improved 64.3% on a year-over-year basis.
Total revenues rose 17% from the year-ago quarter’s level to $492 million. Moreover, the top line surpassed the Zacks Consensus Estimate of $489.2 million. Notably, the figure came within management’s guidance of $484-$496 million.
Year-over-year increase in revenues can be attributed to strong FlashBlade implementation and new deal wins from three major international banks. Moreover, growth was driven by robust adoption of subscription offerings, including Pure as-a-Service, Cloud Block Store, and Evergreen.
Shares Down on Bleak Revenue Outlook
Following bleak outlook for fiscal first quarter and fiscal 2021, shares of Pure Storage were down 3.4% in the after-hours on Feb 27.
Pure Storage expects revenues of approximately $365 million in first-quarter fiscal 2021. The Zacks Consensus Estimate for revenues is pegged at $380.29 million.
Moreover, for fiscal 2021, the company expects revenues of approximately $1.9 billion. The Zacks Consensus Estimate for revenues is pegged at $1.94 billion.
Notably, the stock has fallen 26.8% in the past year compared with the Original post
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