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Pure Storage (PSTG) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

Zacks Equity Research
·2-min read

Pure Storage (PSTG) reported $589.31 million in revenue for the quarter ended April 2023, representing a year-over-year decline of 5%. EPS of $0.08 for the same period compares to $0.25 a year ago.

The reported revenue represents a surprise of +5.08% over the Zacks Consensus Estimate of $560.83 million. With the consensus EPS estimate being $0.04, the EPS surprise was +100.00%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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Here is how Pure Storage performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Revenue- Product: $308.96 million versus $303.93 million estimated by eight analysts on average. Compared to the year-ago quarter, this number represents a -23% change.

  • Revenue- Subscription services: $280.34 million compared to the $257.08 million average estimate based on eight analysts. The reported number represents a change of +27.9% year over year.

  • Non-GAAP Gross profit- Product: $218.86 million versus $211.28 million estimated by eight analysts on average.

  • Non-GAAP Gross Profit- Subscription services: $206.60 million compared to the $182.48 million average estimate based on eight analysts.

  • Gross profit- Product: $212.75 million versus $222.15 million estimated by two analysts on average.

  • Gross Profit- Subscription services: $200.60 million compared to the $151.17 million average estimate based on two analysts.

View all Key Company Metrics for Pure Storage here>>>

Shares of Pure Storage have returned +30.7% over the past month versus the Zacks S&P 500 composite's +1.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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Zacks Investment Research