CALIFORNIA: Breaking the cycle of bad financial stories we’ve ran such as Nimble Storage and Violin Memory missing expectations in their third quarter reports, Pure Storage is reporting record revenue. For their third quarter Pure reported revenue of $131.4 million up from $49.2 million a year ago or up 167% year to year. This number also comes in higher than analysts expected, they were looking for $106.95 million.
This is good news for Pure Storage and its shareholders. As we have previously reported, Pure took a hit last week as Nimble was getting beat up. Pure also had a rough start when they first went public coming in under their IPO of $17, which isn’t uncommon or unheard of. There was some issue about Gartner published inaccurate sales data from Pure Storage. Gartner issued an apology over the mistake.
Pure Storage stock, PSTG, fell at first and then pulled up to a high of $19.74 in the middle of October before it began to slowly drop. By the last week of Novmeber it had dropped to $17.40 then in a week it dropped all the way to $12.91. However reporting record revenue, adding 250 new customers, and seeing its operating and net loss shrink considerable has boosted the stock back up to the mid 16’s as of this writing.
