Pure Storage Q3 revenue rises 13% to $762.8 million; GAAP net income $70.4 million
Pure Storage reported third quarter fiscal 2024 results for the quarter ended November 5, 2023, with revenue of $762.8 million, up 13% year-over-year, and GAAP net income of $70.4 million, compared with a net loss of $0.8 million a year earlier. The company gave fourth-quarter revenue guidance of $782 million and fiscal 2024 revenue guidance of $2.82 billion, and its release describes the annual non-GAAP operating margin guidance of 16% as increased. For shareholders, the filing shows higher sales and a return to GAAP profit, though the filing does not state the prior guidance figures for comparison.
- Revenue $762.8 million, up 13% year-over-year; subscription services revenue $309.6 million, up 26%.
- GAAP net income $70.4 million, or $0.21 per diluted share, versus a net loss of $0.8 million in the third quarter of fiscal 2023.
- Non-GAAP operating margin 22.2% versus GAAP operating margin 9.7% for the quarter.
- Guidance: fourth-quarter revenue $782 million; fiscal 2024 revenue $2.82 billion and non-GAAP operating margin 16%.