Pure Storage, Inc. (NYSE: PSTG) reported Q1 EPS of ($0.02), $0.13 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $367.11 million versus the consensus estimate of $352.26 million.

First Quarter Financial Highlights

• Revenue $367.1 million, up 12% year-over-year
• Subscription Services revenue $120.2 million, up 37% year-over-year
• GAAP gross margin 70.0%; non-GAAP gross margin 71.9%
• GAAP operating loss $(84.9) million; non-GAAP operating loss $(5.4) million
• Operating cash flow was $35.1 million, up $28.5 million year-over-year
• Free cash flow was $11.3 million, up $29.0 million year-over-year
• Total cash and investments of $1.3 billion

"We are extremely proud of this quarter's solid results and growth, especially during the current global crisis," said Charles Giancarlo, Chairman and CEO, Pure Storage. "The entire company adapted quickly and delivered the technology and services that our customers needed to keep their organizations up and running. Pure continues to deliver on the Modern Data Experience to enable customers to transform their storage operations to be simple, reliable, fast, and flexible."

"Pure delivered solid financial results during the quarter despite a very challenging environment created by COVID-19," said Kevan Krysler, CFO, Pure Storage. "We were pleased that our customers continue to depend on the simplicity and reliability of our solutions and our resilient global supply chain during this critical time. Subscription Services continue to reflect strength with our Evergreen, Pure as-a-Service and Cloud Block Store offerings."

For earnings history and earnings-related data on Pure Storage, Inc. (PSTG) click here.