Friday, March 03, 2017 10:52:31 AM
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Why Shares of Pure Storage Dropped Today
Motley Fool
Shares of Pure Storage (NYSE: PSTG) slumped on Thursday after the company's fourth-quarter results were overshadowed by weak guidance. The stock was down about 11% at 2:40 p.m. EST.
So what
Pure Storage reported fourth-quarter revenue of $227.9 million, up 52% year over year and a few million dollars above the average analyst estimate. Pure Storage added 450 customers during the quarter, bringing its total customer count to 3,000. Notable customer wins include video-streaming company Hulu and restaurant chain Subway.
Image source: Pure Storage.
Non-GAAP EPS came in at a loss of $0.02, up from a loss of $0.12 during the prior-year period and $0.06 higher than analyst expectations. The company lost $42.9 million, or $0.21 per share, on a GAAP basis, a slight improvement compared to the prior-year period.
While Pure Storage continued its streak of revenue and earnings beats, the company's guidance for the first quarter was disappointing. It expects to produce revenue between $171 million and $179 million, up just 25% year over year at the midpoint and well below analyst expectations of $201.7 million.
Now what
Pure Storage expects to produce $1 billion of revenue this year, right in line with the average analyst estimate, but the weak first-quarter guidance will require growth to pick up as the year goes on. CEO Scott Dietzen sees opportunities going forward:
Pure Storage is delivering the data platform for the cloud era, helping customers put data to work for their businesses. This year, Pure expects to reach $1 billion in revenue -- a remarkable achievement and evidence that we're only just getting started. We could not be more excited about the opportunities ahead.
Shares of Pure Storage are now down about 50% since peaking soon after the company's IPO in late 2015. With growth expected to slow during the first quarter, and with profitability nowhere in sight, investors are clearly losing patience.
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Timothy Green has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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PSTG
Recent PSTG News
- Pure Storage Empowers Andra to Meet Sustainability Goals with an 80% Reduction in Data Center Footprint • PR Newswire (US) • 04/09/2024 01:33:00 PM
- With Pure Storage, the City of Bloomington Reduces Data Center Footprint by 85%, While Driving Financial Flexibility and IT Performance • PR Newswire (US) • 04/02/2024 01:00:00 PM
- With Pure Storage, MPI Reduces Data Center Footprint by 95%, Achieves 10x Faster Time to Recovery • PR Newswire (US) • 03/26/2024 01:00:00 PM
- Pure Storage Accelerates Enterprise AI Adoption to Meet Growing Demands with NVIDIA AI • PR Newswire (US) • 03/18/2024 10:00:00 PM
- Pure Storage Enables Puerto Rico's Largest Furniture Retailer to Drive Service Innovation, While Cutting IT Costs • PR Newswire (US) • 03/12/2024 01:00:00 PM
- Form 5 - Annual statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:54:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:50:51 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 09:47:10 PM
- Pure Storage Delivers New Self-Service Storage Management Capabilities to Drive Enhanced Services Experience for Global Customers • PR Newswire (US) • 03/05/2024 02:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/02/2024 01:10:25 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/02/2024 12:44:16 AM
- Lingering Rate Uncertainty May Lead To Choppy Trading On Wall Street • IH Market News • 03/01/2024 02:05:03 PM
- Nasdaq, S&P 500 Reach Record Closing Highs On Positive Reaction To Inflation Data • IH Market News • 02/29/2024 09:32:40 PM
- Pure Storage Unveils Strategic Evolution of its Partner Program, Built for the Subscription Economy • PR Newswire (US) • 02/29/2024 02:00:00 PM
- Snowflake Stock Plummets 20.3% After CEO Transition; C3.ai, Okta, and Duolingo Surge Post-Strong Quarterly Reports, and More • IH Market News • 02/29/2024 11:09:45 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 09:06:21 PM
- Pure Storage Announces Fiscal Fourth Quarter and Full Year 2024 Financial Results • PR Newswire (US) • 02/28/2024 09:05:00 PM
- Pure Storage Announces Date and Conference Call Information for Fiscal Fourth Quarter and Full Year 2024 Financial Results • PR Newswire (US) • 02/07/2024 09:05:00 PM
- With Pure Storage, Adistec Transforms Latin American IT While Cutting Hardware Costs up to 80% with Evergreen//Flex • PR Newswire (US) • 01/16/2024 02:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/11/2024 10:01:58 PM
- Pure Storage Set to Join S&P MidCap 400; Patterson Companies to Join S&P SmallCap 600 • PR Newswire (US) • 01/02/2024 11:21:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/02/2024 09:13:27 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/28/2023 09:24:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:18:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 12/22/2023 09:17:51 PM
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