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