Pure Storage: Fiscal 3Q17 Financial ResultsContinuing to grow fast but far to be profitable
This is a Press Release edited by StorageNewsletter.com on 2016.12.02
|(in $ million)||3Q16||3Q17||9 mo. 16||9 mo. 17|
|Net income (loss)||(56.5)||(78.8)||(169.5)||(202.2)|
Pure Storage, Inc. announced financial results for its fiscal third quarter ended October 31, 2016.
- Quarterly revenue: $197.0 million, up 50% Y/Y, and ahead of the guidance range of $187 million to $195 million.
- Quarterly gross margin: 64.8% GAAP; 65.5% non-GAAP, up 3.7 ppts and 3.8 ppts Y/Y, respectively, and in line with non-GAAP gross margin guidance of 64% to 67%.
- Quarterly operating margin: -39.7% GAAP; -9.8% non-GAAP, up 2.6 ppts and 11.6 ppts Y/Y, respectively, and ahead of non-GAAP operating margin guidance of -17.5% to -13.5%.
"Pure Storage continues to rewrite the rules for the storage industry," said CEO Scott Dietzen. "We again reported better-than-expected financial performance, driven by customer enthusiasm for our smarter approach to enterprise storage. In a world dominated by big data and cloud computing, Pure's software-centric approach is the right solution at the right time."
"We are excited about our record Q3 revenue and significant operating leverage improvement," said CFO Tim Riitters. "We continue to focus on driving growth and market share gains with a close eye on profitability."
Over 300 new customers joined Pure Storage this quarter, increasing the total to more than 2,600 organizations, including more than 100 of the Fortune 500.
New customer wins in the quarter include Hyatt Hotels Corporation, Cushman & Wakefield, Academy Award-winning animation studio LAIKA, Bill.com and CallidusCloud.
New FlashBlade customer wins include CUProdigy, a technology organization delivering private cloud solutions for credit unions, and Paylocity, a developer of cloud-based payroll and human capital management software solutions for medium-sized organizations.
Fourth Quarter Fiscal 2017 Guidance:
- Revenue in the range of $219 million to $227 million
- Non-GAAP gross margin in the range of 64% to 67%
- Non-GAAP operating margin in the range of -9% to -5%