Pure Storage Stock Drops After Q3 Earnings: Details

Core Insights - Pure Storage Inc. reported third-quarter earnings of 58 cents per share, meeting consensus estimates [2] - Quarterly revenue reached $964.45 million, surpassing analyst expectations of $956.14 million [2] - The company raised its fiscal 2026 revenue guidance to between $3.63 billion and $3.64 billion, slightly above the previous estimate of $3.62 billion [4] Financial Performance - Subscription services revenue was $429.7 million, reflecting a 14% year-over-year increase [6] - Subscription annual recurring revenue (ARR) reached $1.8 billion, up 17% year-over-year [6] - Remaining performance obligations (RPO) totaled $2.9 billion, marking a 24% year-over-year growth [6] Management Commentary - CEO Charles Giancarlo emphasized the company's strong performance as global customers increasingly choose Pure Storage for data management solutions [3] - Giancarlo highlighted the importance of data accessibility in the AI era, noting that Pure's Enterprise Data Cloud enables enterprises to leverage AI, automation, and analytics [4] Stock Performance - Following the earnings report, Pure Storage's stock fell 8.52% to $86.65 in extended trading [4]