Pure Storage (NYSE: PSTG): Q3 2020 Earnings Snapshot

— Pure Storage (NYSE: PSTG) reported its third-quarter 2020 adjusted earnings of $0.13 per share versus $0.09 per share expected.

— Revenues jumped by 15% to $428.4 million versus $440.07 million expected.

— The quarter yielded industry-leading growth as customers continued to select the company’s modern approach that enables organizations to better utilize their data across both their private and public cloud infrastructures.

— Looking ahead into the fourth quarter, the company expects revenue in the range of $484-496 million. This is below the consensus estimates of $511.77 million.

— For the fourth quarter, the adjusted gross margin is predicted to be 67.5-70.5% and the adjusted operating margin is projected to be 10-14%.

— For the full year 2020, the company lowered revenue outlook to the range of $1.635-1.647 billion from the previous range of $1.645-1.715 billion. The revised forecast is below the Street’s view of $1.68 billion.

— For 2020, the adjusted gross margin is now expected to be 69.2% to 70.1% and the adjusted operating margin is still predicted to be 2.6% to 3.9%.

— Also, the company said Kevan Krysler will join the company as CFO in early December, reporting to Chairman and CEO, Charles Giancarlo. Most recently, Kevan serves as the SVP of Finance and Chief Accounting Officer at VMware.

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