Pure Storage's Q4 strong, Q1 outlook light on sales

Pure Storage projected first quarter revenue of $365 million with a non-GAAP operating loss of about $40 million. Wall Street was expecting sales of $381 million.

Pure Storage delivered strong fourth quarter results, but its outlook for the first quarter fell short of expectations.

The storage company reported fourth quarter revenue of $492 million, up 17% from a year ago, with net loss of $4.65 million, or 2 cents a share. Non-GAAP earning for the fourth quarter were 23 cents a share.

Wall Street was expecting non-GAAP fourth quarter earnings of 22 cents a share on revenue of $488.65 million.

As for the outlook, Pure Storage projected first quarter revenue of $365 million with a non-GAAP operating loss of about $40 million. Wall Street was expecting sales of $381 million.

For fiscal 2021, Pure Storage projected revenue of $1.9 billion with a non-GAAP operating profit of about $60 million.

Charles Giancarlo, CEO of Pure Storage, said the fourth quarter finished strong and the company's portfolio is set up well. To that end, Pure Storage said its third-generation all-NVMe FlashArray//X family of storage is generally available.

Pure Storage also noted that it is developing its multi-cloud strategy via partnerships with Microsoft Azure and Google Cloud.  

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