Pure Storage (PSTG) Shares Rose 9% on Strong Q4 Results and Better Than Expected Outlook

Pure Storage, Inc. (NYSE: PSTG) shares were trading more than 9% higher after-hours following the company’s reported Q4 results, with EPS of $0.36 coming in better than the consensus estimate of $0.26.

Revenue grew 41% year-over-year to $708.6 million, compared to the consensus estimate of $629.26 million. Subscription services revenue increased 42% year-over-year to $216.0 million, and subscription annual recurring revenue (ARR) increased 31% year-over-year to $848.8 million.

The company’s board of directors has authorized an incremental share repurchases program of up to an additional $250 million.

The company expects Q1/23 revenue of $520 million, compared to the consensus of $512 million, and full 2023-year revenue of $2.6 billion, compared to the consensus of $2.48 billion.

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