Pure Storage (PSTG) saw its loss narrow to $42.92 million, or $0.21 a share for the quarter ended Jan. 31, 2017. In the previous year period, the company reported a loss of $44.29 million, or $0.24 a share. On the other hand, adjusted net loss for the quarter narrowed to $4.78 million, or $0.02 a share from a loss of $22.27 million or $0.12 a share, a year ago. Revenue during the quarter surged 51.67 percent to $227.86 million from $150.23 million in the previous year period. Gross margin for the quarter contracted 7 basis points over the previous year period to 65.27 percent. Operating margin for the quarter stood at negative 18.65 percent as compared to a negative 28.58 percent for the previous year period.
Operating loss for the quarter was $42.50 million, compared with an operating loss of $42.93 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $4.36 million compared to operating loss of $20.91 million in prior year period.
“Pure Storage is delivering the data platform for the cloud era, helping customers put data to work for their businesses,” said Pure Storage Chief executive officer Scott Dietzen. “This year, Pure expects to reach $1 billion in revenue - a remarkable achievement and evidence that we’re only just getting started. We could not be more excited about the opportunities ahead.”
For the first-quarter 2018, Pure Storage expects revenue to be in the range of $171 million to $179 million and its expects operating income to decline in the range of 27 percent to 23 percent.
For fiscal year 2018, Pure Storage expects revenue to be in the range of $975 million to $1,025 million ans its expects perating income to decline in the range of 9 percent to 5 percent.
Operating cash flow remains negative
Pure Storage has spent $14.36 million cash to meet operating activities during the year as against cash outgo of $7.86 million in the last year. The company has spent $447.22 million cash to meet investing activities during the year as against cash outgo of $41.84 million in the last year.
Cash flow from financing activities was $40.52 million for the year, down 91.22 percent or $421.21 million, when compared with the last year.
Cash and cash equivalents stood at $183.68 million as on Jan. 31, 2017, down 69.63 percent or $421.07 million from $604.74 million on Jan. 31, 2016.
Working capital declines
Pure Storage has witnessed a decline in the working capital over the last year. It stood at $506.96 million as at Jan. 31, 2017, down 16 percent or $96.58 million from $603.54 million on Jan. 31, 2016. Current ratio was at 2.86 as on Jan. 31, 2017, down from 4.27 on Jan. 31, 2016.
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