Pure Storage (PSTG) Q2 Loss Narrows, Revenues Beat Estimates

#PureStorage Inc. #PSTG reported non-GAAP loss of 11 cents per share in the second quarter of fiscal 2018, which was narrower than the Zacks Consensus Estimate by 3 cents. The figure was also much narrower than the year-ago loss of 16 cents per share. Total revenue was $224.5 million, which was up 38% year over year and ahead of the Zacks Consensus Estimate of $219 million. The figure was also 3% higher than the mid-point of the guidance. Although the narrower loss and revenue beat are positives for Pure Storage, it continues to experience intensifying competition due to the presence of major players such as #Amazon 's #AmazonWebServices, #Microsoft 's #MSFT #Azure in #cloudstorage and #NetApp #NTAP . #PureStorage stock has gained 11% year to date, underperforming the 11.8% rally of the industry it belongs to.  Quarter Details In the second quarter, Product revenues of $175 million surged 33.7% on a year-over-year basis, primarily driven by "strong repeat purchases" by existing and new customers. FlashArray and FlashBlade business segments also boosted revenue growth. Support revenues of $49.4 million increased a massive 53.1% on a year-over-year basis as the company's ongoing support contracts gained traction. During the quarter, Pure Storage added more than 350 new customers, bringing the total base to 3,700 organizations with nearly 25% of Fortune 500 customers. Some notable companies that adopted Pure Storage's technology during the quarter were AirBus, COCC, Delta Dental of Michigan, Ford Otomotiv Turkey, Man AHL, Mentor, NASA's Kennedy Space Center. Pure Storage, Inc. Price, Consensus and EPS Surprise

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