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 been named a Leader in the 2020 Gartner Magic Quadrant for Primary Storage Arrays, marking its seventh consecutive year in this category. The recognition highlights Pure's strategic approach to providing real-time, hybrid cloud data storage solutions. The company has introduced innovative products such as the third-generation all-NVMe FlashArray//X and capacity-optimized all-QLC FlashArray//C. Additionally, Pure Storage has shown increased adoption of its service models, affirming its position as a top choice among enterprise IT firms.
Portworx by Pure Storage has achieved the AWS Outposts Ready designation, confirming its successful integration with AWS Outposts. This recognition positions Portworx as an AWS Partner with fully tested products like Portworx Enterprise, available in AWS Marketplace. The AWS Outposts Ready Program aims to help customers identify integrated products for efficient deployment. Portworx offers solutions for Kubernetes data management, data protection, and capacity management, serving prominent companies like Comcast and T-Mobile.
Pure Storage (NYSE: PSTG) reported Q3 2020 financials with revenue of $410.6 million, a 4% decline year-over-year. Subscription services revenue rose 29% to $136.1 million. Notably, GAAP gross margin was 67.3%, with a non-GAAP operating income of $3.4 million. The company announced the acquisition of Portworx to enhance its Kubernetes offerings. Although Q4 expectations indicate a decline to $480 million, ongoing strong demand in its Subscription Services and product sales reflects positive momentum in the hybrid cloud space.
Pure Storage (NYSE: PSTG) has announced an expansion of its Pure as-a-Service offerings, introducing a new Service Catalog for on-premises and hybrid cloud storage. This initiative aims to provide increased transparency in pricing and service options, allowing customers to select storage levels tailored to their workloads. Additionally, Pure as-a-Service now features lower cost tiers and a fully integrated storage and compute solution. Research from IDC highlights a growing demand for flexible consumption models, driven by the pandemic, indicating significant market evolution.
On November 18, 2020, Pure Storage (NYSE: PSTG) launched the Pure Validated Design (PVD) program to enhance deployment and integration of partner solutions. PVDs are fully tested to deliver consistent business outcomes, reducing costs and deployment risks for customers. This program aims to simplify implementation for solutions like Commvault and Vertica. The program is expected to improve time-to-value by streamlining technology integration.
Portworx by Pure Storage has announced updates to its PX-Backup product, now compatible with any storage array or software-defined storage that supports the Kubernetes CSI spec. The new version, PX-Backup 1.2, features a usage-based pricing model at 20 cents per node per hour, targeting growing businesses. The product offers end-to-end backup solutions for Kubernetes applications, ensuring multi-cloud availability and supporting major block storage systems. Portworx was recognized as a leader in the GigaOm Radar Report for Kubernetes Data Protection, reflecting its robust market position.
Portworx by Pure Storage has been recognized as a leader in the GigaOm Radar for Kubernetes Data Protection, showcasing its effectiveness in data management across various environments. The report highlights Portworx's scalability, flexibility, performance, ease of use, and cost-effectiveness. This marks the second accolade of the year for Portworx, which previously excelled in GigaOm's evaluation of data storage for Kubernetes. The recognition emphasizes Portworx's capability to support enterprises in managing critical data services efficiently.
Pure Storage has been awarded the Flash Memory Summit 2020 Best of Show Award for Most Innovative Flash Memory Technology for its FlashArray//C. This array is recognized as the industry's first all-QLC flash storage solution, offering consistent NVMe performance and cost efficiencies for businesses transitioning from legacy hybrid arrays. The award highlights Pure Storage's commitment to storage innovation and its role in enhancing enterprise-grade performance for modern workloads, effectively addressing capacity and cost challenges.
Pure Storage (NYSE: PSTG) will hold a conference call on November 24, 2020, at 2:00 p.m. PT to discuss its fiscal third-quarter financial results for the period ending November 1, 2020. The call will follow the release of its financial results, which are anticipated to provide insights into the company's performance and growth strategy. Investors can access the live audio broadcast through the Pure Storage Investor Relations website, with a replay available for two weeks.
On November 4, 2020, Pure Storage (NYSE: PSTG) appointed Dominick Delfino as Chief Revenue Officer and Global Head of Sales. Delfino, with extensive experience in software sales, aims to accelerate growth and introduce new market strategies. The company also reported preliminary Q3 FY21 revenue of approximately $410 million. The official results will be announced on November 24, 2020. Delfino's appointment comes as the company focuses on enhancing its multi-cloud data services, while former COO Paul Mountford will step down at fiscal year's end.
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