We recently published
December Disappointments: 10 Big Names Troubled Early. Pure Storage, Inc. (NYSE:PSTG) is one of the worst performers of last week.
Pure Storage fell by 20.83 percent week-on-week as investors resorted to profit-taking following last week’s climb to the $90 territory, supported by its upbeat growth outlook for the full fiscal year.
In an updated report on Tuesday, Pure Storage, Inc. (NYSE:PSTG) said that total revenues jumped by 16 percent to $964 million from $831 million in the same period last year, on the back of strong revenues from products and subscription services.
Charts on the computer
Net income, however, declined by 13.8 percent to $54.8 million from $63.6 million year-on-year.
Encouraged by the results, Pure Storage, Inc. (NYSE:PSTG) raised its growth guidance for revenues for the full fiscal year to a range of $3.63 billion to $3.64 billion, or an implied growth of 14.5 percent to 14.9 percent year-on-year. This compares with previous expectations of $3.60 billion to $3.63 billion, or a 13.5 percent to 14.5 percent jump year-on-year.
Operating income was also expected to settle at $629 million to $639 million, versus $605 million to $625 million prior.
For the fourth quarter alone, Pure Storage, Inc. (NYSE:PSTG) expects revenues to be at $1.02 billion to $1.04 billion, or a growth rate of 16.5 percent to 17.6 percent.
Operating income is targeted at $220 million to $230 million, or a growth of 43.7 percent to 50.2 percent.
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