Welcome to our dedicated page for Pure Storage news (Ticker: PSTG), a resource for investors and traders seeking the latest updates and insights on Pure Storage stock.
Pure Storage, Inc. (NYSE: PSTG) is a pioneering IT company that revolutionizes data storage technology and services, aiding innovators worldwide. Headquartered in Santa Clara, California, Pure Storage provides cutting-edge data solutions designed for SaaS companies, cloud service providers, enterprises, and public sector customers. These solutions enable secure, real-time data delivery for mission-critical production, DevOps, and modern analytics across multi-cloud environments.
As one of the fastest-growing enterprise IT companies, Pure Storage allows customers to rapidly adopt next-generation technologies, including Artificial Intelligence (AI) and Machine Learning (ML), maximizing the value of their data for competitive gain. The company's offerings include a comprehensive range of subscription services, highlighted by Evergreen Storage subscriptions, Pure as-a-Service, Cloud Block Store, and Portworx. These services are enhanced by professional consulting for seamless installation and implementation.
Pure Storage's innovative data platform strategy is transforming the storage industry by unifying fragmented data environments into cohesive, efficient systems. This strategy ensures enterprises are prepared for AI, hybrid cloud, and modern application deployment, all while maintaining Flash reliability and performance at competitive price points.
Financially robust, Pure Storage reported strong growth in its fiscal year 2024, with significant contributions from its unique storage solutions and expanding subscription services. The company anticipates continued double-digit revenue growth in FY25, driven by their differentiated data storage platform and the success of their Evergreen and Portworx offerings.
Pure Storage's commitment to customer satisfaction is evident in their Satmetrix-certified NPS customer satisfaction score, ranking in the top one percent of B2B companies. This high satisfaction rate is a testament to their customer-first philosophy, further reflected in their strategic share repurchase programs and dedicated investor relations initiatives.
Environmental sustainability is a core value for Pure Storage. The company actively designs products and solutions that help customers reduce their carbon and energy footprints, striving to make a significant impact on reducing data center emissions globally.
With accolades such as being named a leader in the 2023 Gartner Magic Quadrant for both Primary Storage and Distributed File Systems & Object Storage, Pure Storage is a recognized leader in the industry. The company's forward-looking strategies and continuous innovation positions them as a key player in the evolving IT landscape, helping businesses navigate and leverage technological advancements effectively.
Pure Storage (NYSE: PSTG) has announced an expansion of its subscription services portfolio with the introduction of FlashStack as-a-Service and Portworx Cloud Consumption. These offerings aim to enhance customer flexibility in a multi-cloud environment. FlashStack integrates on-premises and multi-cloud infrastructures, while Portworx allows customers to purchase usage hours rather than fixed licenses, reducing costs. The demand for flexible consumption models is increasing, with Pure's as-a-Service solutions meeting evolving business needs.
On July 13, 2021, Pure Storage (NYSE: PSTG) announced significant growth in its Evergreen™ Storage program, with over 2,700 customers having completed non-disruptive storage upgrades. The average number of upgrades has increased by 38% year-over-year for five years. In FY 2022 Q1, subscription services revenue rose by 35%. Evergreen simplifies storage upgrades and reduces costs, aligning with the shift towards subscription-based storage as-a-service solutions, which enhance operational agility and minimize planned maintenance impacts.
Pure Storage (NYSE: PSTG) has been recognized as the leader in the GigaOm Radar Report for Enterprise Kubernetes Storage and Cloud-Native Kubernetes Data Storage. The reports highlight the company’s robust storage solutions and the effective integration of Portworx, acquired in October 2020. Pure Storage’s offerings were praised for their comprehensive features, exceptional data management capabilities, and compatibility with Kubernetes, reflecting its strong market position. This recognition marks the fifth and sixth time Pure Storage has been acknowledged as a leader by GigaOm.
Pure Storage (NYSE: PSTG) reported a strong fiscal Q1 2021, achieving $412.7 million in revenue, a 12% increase year-over-year. Subscription services revenue surged 35% to $162.8 million. The company experienced a GAAP gross margin of 68.3% and a non-GAAP operating income of $0.3 million. Operationally, it generated $21.4 million in cash flow while reporting total cash and investments of $1.2 billion. Looking ahead, Q2 FY22 guidance is set at $470 million in revenue and $15 million in non-GAAP operating income.
Pure Storage (NYSE: PSTG) announced winners of its inaugural Breakthrough Awards at the Pure//Accelerate Digital event on May 14, 2021. These awards celebrate customers demonstrating innovation and success with Pure's offerings. Out of over 8,000 global customers, notable awardees include ServiceNow, Roblox, and Nanyang Technological University. Key achievements include ServiceNow's all-flash data center transformation and Roblox's scalable cloud strategy. Joe Pinto, Chief Customer Experience Officer, expressed pride in the customers’ accomplishments and their impact on modern data experiences.
Pure Storage (NYSE: PSTG) unveiled the enhanced Pure1 Digital Experience at Pure//Accelerate™ Digital on May 13, 2021. This upgrade offers automated monitoring, AI-driven recommendations, and self-service management to streamline IT management. The AI-engine Meta provides predictive service management, ensuring proactive issue resolutions. Customers gain improved control over their resources, including on-premises and hybrid cloud storage. The new features are designed to optimize user experience and operational efficiency. Access to Pure1 is available at no extra cost.
Pure Storage (NYSE: PSTG) announced new channel incentives aimed at enhancing subscription sales at its Pure//Accelerate™ Digital event. Key updates include a 5% rebate for partners on closed Pure as-a-Service deals, potentially earning up to US$100,000 per contract. With the transition of Portworx to a 100% channel model, partners can now expand offerings for cloud-native applications. Additionally, Pure1 has been upgraded for partners to manage customer subscriptions, fostering transparency and operational efficiency.
On May 13, 2021, Pure Storage (NYSE: PSTG) announced the launch of Portworx Enterprise 2.8 at Pure//Accelerate™ Digital. This release enhances Kubernetes scalability with dynamic storage provisioning and improved management features. Key updates include unified observability through Pure1, accelerated backup and recovery with FlashBlade, and support for VMware Tanzu. Gartner forecasts that hybrid cloud storage adoption will rise significantly by 2025, highlighting the relevance of this solution. The release aims to provide a seamless hybrid cloud experience and is available from June 2021.
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