Pure Storage Inc. (PSTG) reported an earnings beat for its 1st quarter, ending 4/30/2023. Earnings per share came in at $0.08, versus the expected $0.04.
The reported revenue of $589.31 million represents a decrease of -27.26% compared to the previous quarter, and a decrease of -5.01% compared to the same period last year.
For the 2nd quarter, analysts project earnings of $0.26 per share.
Often, earnings announcements affect a stock’s price. See a history of earnings-related price changes for PSTG stock.
What’s Next for Pure Storage Inc., Post-Earnings?
According to TipRanks, the average analyst consensus on PSTG stock is a Strong Buy. This consensus is based on 15 analyst ratings made in the past 3 months. Pure Storage Inc.’s average price target of $34.57 implies upside potential of 20.08% from current levels.
See our Earnings Calendar for a full list of this week’s earnings releases.
Bottom Line
An earnings beat can signify positive movement ahead for a stock’s price. Currently, PSTG price is $28.79, indicating a 5-day rise of 4.46%.
About Pure Storage Inc.
Pure Storage, Inc. engages in the provision of flash-based storage solutions. Its technology replaces storage systems designed for mechanical disk with all-flash systems optimized end-to-end for solid-state memory. The company was founded by John Hayes and John Colgrove in October 2009 and is headquartered in Mountain View, CA.
Learn more about PSTG financials here
