Pure Storage surpasses $1B in annual sales

The enterprise storage provider posted better-than-expected fourth quarter financial results.

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Pure Storage published its fourth quarter financial results Thursday, beating market expectations and setting new milestones.

The enterprise storage provider posted non-GAAP earnings of 13 cents a share. Revenue came to $338.3 million, up 48 percent year-over-year.

Wall Street was looking for earnings of 7 cents a share on revenue of $331.5 million.

For the full 2018 fiscal year, Pure Storage earned $1.023 billion in revenue, up 41 percent year over year.

"This quarter marks an important milestone for Pure surpassing $1 billion in annual sales and achieving non-GAAP profitability," said CEO Charles Giancarlo in a statement. "Momentum in the business is strong as we continue our drive to help customers turn data into intelligence and advantage."

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The company won around 500 new customers in Q4, including organizations like Jenny Craig, Mid America Pet Food, Portland Trail Blazers, Suzuki Motor of America, and the Texas Rangers. Pure Sorage now has around 4,500 customers.

According to analyst Patrick Moorhead, founder of Moor Insights and Strategy, Pure Storage's strong quarter "can be attributed to the company's focus on high-performance flash, high-performance software integration, and winning in AI workloads, side by side with NVIDIA."

"Pure has a real knack for expanding their revenue footprint after the first purchase, so I directly correlate the number of customer wins with longer-term revenue, not just .one and done,'" he said in a statement.

For Q1 2019, the company is expecting revenue in the range of $246 million to $254 million. For the full fiscal year 2019, it's expecting revenue between $1.310 billion and $1.360 billion.