Pure Storage beats Q3 expectations, raises outlook

Q3 revenue was up 37% year-over-year, and the company reported increasing profitability.
Written by Stephanie Condon, Senior Writer

Pure Storage on Tuesday published its third quarter financial results, beating market expectations and raising its outlook for the full fiscal year. 

Non-GAAP earnings per share came to 22 cents on revenue of $562.7 million, up 37% year-over-year 

Analysts were expecting earnings of 12 cents per share on revenue of $530.83 million. 

"With Q3 revenue up 37% year-over-year and with increasing profitability, it's clear that Pure continues to set the pace for the industry," CEO Charles Giancarlo said in a statement. "We're delighted to provide cutting edge data services to customers and with our continued leadership in two Gartner Magic Quadrants."

During the quarter, Pure launched Pure Fusion and Portworx Data Services, new tools that help advance the company's vision for delivering data, storage and management services as code.

Pure's Q3 Subscription Services revenue came to $187.8 million, up 38% year-over-year. Subscription Annual Recurring Revenue (ARR) was $788.3 million, up 30% year-over-year. Remaining Performance Obligations (RPO) totaled $1.2 billion, up 27% year-over-year. 

For FY 2022, Pure now expects revenue of $2.1 billion.

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