Pure Storage Reports Q2 Beat, Outlook Better Than Expected

Pure Storage, Inc. (NYSE:PSTG) reported its Q2 results, with EPS coming in at $0.32, beating the Street estimate of $0.22. Revenue was up 30% year-over-year to $646.8 million, better than the Street estimate of $636.04 million.

According to the analysts at Deutsche Bank, demand strength persists despite macro challenges. The analysts highlighted the company’s good visibility into its future opportunities, particularly in the subscription services business, growing approximately 35% year-over-year in Q2. This is impressive considering the weakening demand in IT spending and increased cautiousness by enterprise customers reported by the company’s peers in the past few weeks.

For Q3/23, the company expects revenue of $670 million, better than the Street estimate of $651.62 million. Full 2023-year revenue is expected to be $2.75 billion, compared to the Street estimate of $2.64 billion.