LONDON, UK / ACCESSWIRE / January 03, 2018 / Active-Investors.com has just released a free earnings report on Pure Storage, Inc. (NYSE: PSTG). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=PSTG. The Company posted its financial results on November 28, 2017, for the third quarter of the fiscal year 2018. The Mountain View, California-based Company's quarterly total revenues rose 41% y-o-y, beating market consensus estimates.Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, the Pure Storage most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
In Q3 FY18, Pure Storage reported record total revenues of $277.67 million, rising from the $196.96 million posted at the end of Q3 FY17. The Company's revenues numbers outperformed market expectations of $271.9 million.
The data storage Company reported a net loss of $41.65 million, or $0.20 loss per diluted share, for Q3 FY18 compared to a net loss of $78.81 million, or $0.40 loss per diluted share, in Q3 FY17. Meanwhile, the Company recorded a non-GAAP net loss of $1.88 million, or $0.01 loss per diluted share, in Q3 FY18 compared to a non-GAAP net loss of $20.03 million, or $0.10 loss per diluted share, in the prior year's same quarter. Furthermore, the Company's non-GAAP net loss outperformed market loss estimates of $0.03 per diluted share.
Operating Metrics
For the three months ended October 31, 2017, the Company incurred $95.86 million as total cost of revenues compared to $69.32 million in Q3 FY17. The Company posted a non-GAAP gross profit of $184.46 million, or 66.4% of total revenues, in Q3 FY18 versus $128.96 million, or 65.5% of total revenues, in the prior year's comparable quarter. The Company's total operating expenses increased to $223.63 million during Q3 FY18 from $205.81 million in Q3 FY17. Furthermore, the Company's non-GAAP operating loss narrowed during Q3 FY18 to $2.05 million from a non-GAAP operating loss of $19.40 million in Q3 FY17.
Segment Performance
During Q3 FY17, Pure Storage's Product segment's total premiums and services revenue came in at $223.20 million compared to $160.52 million in Q3 FY16. The segment's cost of revenue was $75.39 million in Q3 FY17 compared to $54.73 million in the previous year's corresponding quarter. Additionally, the segment's non-GAAP gross profit stood at $147.95 million, or 66.3% of segment revenues, in Q3 FY17 versus $105.94 million, or 66.0% of segment revenues, in Q3 FY16.
Pure Storage's Support segment generated revenues of $54.48 million, which came in above the last year's recorded revenue numbers of $36.43 million. The segment's cost of revenue increased to $20.47 million in the reported quarter from $14.60 million in Q3 FY16. Furthermore, the segment's non-GAAP gross profit grew to $36.50 million, or 67.0%, in Q3 FY17 from $23.02 million, or 63.2%, in Q3 FY16.
Cash Flow and Balance Sheet
For the three months ended October 31, 2017, Pure Storage generated $28.25 million in cash from operations compared to $47.32 million at the end of the quarter in the year ago same period. The Company's free cash flow was $14.00 million during the reported quarter compared to a negative cash flow of $35.81 million in Q3 FY16. Furthermore, the Company had a cash and cash equivalents balance of $182.04 million as on October 31, 2017, up from $183.68 million at the close of books on January 31, 2017.
Outlook
In its guidance for Q4 FY18, Pure Storage expects revenue to be in the range of $327 million to $335 million. Non-GAAP gross margin is projected to be between 63.5% and 66.5%, while non-GAAP operating margin is anticipated to be in the band of 3.0% to 7.0% for Q4 FY18.
For the full fiscal year 2018, the Company's management projects revenue to be in the range of $1.012 billion to $1.020 billion. Non-GAAP gross margin is forecasted to be in the range of 65.6% to 66.6%, whereas non-GAAP operating margin is projected to be between -4.9% to -3.5% for FY18.
Stock Performance Snapshot
January 02, 2018 - At Tuesday's closing bell, Pure Storage's stock climbed 2.21%, ending the trading session at $16.21.
Volume traded for the day: 2.81 million shares, which was above the 3-month average volume of 1.73 million shares.
Stock performance in the last three-month - up 1.31%; previous six-month period - up 27.14%; past twelve-month period - up 43.32%; and year-to-date - up 2.21%
After yesterday's close, Pure Storage's market cap was at $3.59 billion.
The stock is part of the Technology sector, categorized under the Data Storage Devices industry. This sector was up 1.5% at the end of the session.
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