Pure Storage slips on softer revenue outlook, PT cuts

Everpure

29/08/2024 15:08

** Shares of data storage firm Pure Storage  PSTG.N     
falls 12% to $52
    ** Co reduced its 2025 revenue outlook for its
Subscription-as-a-Service (SaaS) offerings to $500 mln, down
from $600 mln last quarter 
    ** The decrease is primarily attributed to Evergreen//One
service, a major component of SaaS revenue, which saw a decline
due to longer delays in closing large deals in the first half
    ** Co expects Q3 total revenue of $815 mln, in line with the
LSEG analyst estimates, as reported in Q2 results released after
market close on Wednesday
    ** At least nine brokerages cut price targets for PSTG
ranging between $56 and $70 after results, from prior targets as
high as $80
    ** Including session moves, shares are up 45% YTD

 (Reporting by Vedant Vinayak Vichare in Bengaluru)
 ((vedant.vinayakvichare@thomsonreuters.com))