Pure Storage (PSTG) Drops 20.8% on Profit-Taking

Core Insights - Pure Storage, Inc. (NYSE:PSTG) experienced a significant decline of 20.83% week-on-week due to profit-taking after a previous rise to the $90 range, despite a positive growth outlook for the fiscal year [1][2] Financial Performance - Total revenues for Pure Storage increased by 16% to $964 million from $831 million year-on-year, driven by strong product and subscription service revenues [1] - Net income decreased by 13.8% to $54.8 million from $63.6 million year-on-year [2] Growth Guidance - The company raised its revenue growth guidance for the full fiscal year to a range of $3.63 billion to $3.64 billion, implying a year-on-year growth of 14.5% to 14.9%, up from previous expectations of $3.60 billion to $3.63 billion [2] - Operating income is projected to be between $629 million and $639 million, an increase from prior expectations of $605 million to $625 million [2] Fourth Quarter Expectations - For the fourth quarter, Pure Storage anticipates revenues between $1.02 billion and $1.04 billion, reflecting a growth rate of 16.5% to 17.6% [2] - Operating income for the fourth quarter is targeted at $220 million to $230 million, indicating a growth of 43.7% to 50.2% [2]