Data storage solutions provider Pure Storage (NYSE: PSTG) will be reporting earnings this Wednesday afternoon. Here’s what you need to know.
Pure Storage beat analysts’ revenue expectations by 1.1% last quarter, reporting revenues of $778.5 million, up 12.3% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS estimates and full-year revenue guidance meeting analysts’ expectations.
Is Pure Storage a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Pure Storage’s revenue to grow 10.8% year on year to $846.3 million, in line with the 10.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.39 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Pure Storage has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 1% on average.
Looking at Pure Storage’s peers in the hardware & infrastructure segment, some have already reported their Q2 results, giving us a hint as to what we can expect. IonQ delivered year-on-year revenue growth of 81.8%, beating analysts’ expectations by 21.5%, and Diebold Nixdorf reported a revenue decline of 2.6%, topping estimates by 3.3%. IonQ traded down 1.7% following the results while Diebold Nixdorf was up 6.6%.
Read our full analysis of IonQ’s results here and Diebold Nixdorf’s results here.
Investors in the hardware & infrastructure segment have had steady hands going into earnings, with share prices flat over the last month. Pure Storage’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $70.61 (compared to the current share price of $59.20).
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