Pure Storage Shares Surge 8% on Q1 Earnings Beat and Raise By Investing.com

By Davit Kirakosyan

Pure Storage Inc . (NYSE:) shares rose more than 8% after-hours following the company’s reported Q1 results, with EPS of $0.25 coming in better than the consensus estimate of $0.04.

50% year-over-year to $620.4 million, compared to the consensus estimate of $522.88 million. Subscription services revenue grew 35% year-over-year to $219.2 million, and Subscription Annual Recurring Revenue (ARR) grew 29% year-over-year to $899.8 million.

The company expects Q2/23 revenue of $635 million, above the consensus estimate of $606.28 million. For the full 2023-year, the company expects revenue of $2.66 billion, compared to the consensus estimate of $2.59 billion.