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.
On October 29, 2020, Pure Storage (NYSE: PSTG) announced enhancements to its Pure Partner Program, focusing on increased partner incentives, marketing, support, and training. The new Pure WaveMakers program will reward solution-selling partners, launching on November 16, 2020. Key updates include a new Partner Portal for easy access to resources, a focus on education with personalized training paths, and expanded incentives for recruiting new customers and selling Pure as-a-Service. Pure Storage aims to empower partners in delivering a seamless modern data experience.
Pure Storage (NYSE: PSTG) announced enhancements to its hybrid cloud solutions within the VMware portfolio, aimed at improving enterprise operations. The partnership, established over a decade, continues to evolve, focusing on key technologies such as vSphere Virtual Volumes and NVMe over Fabric. These advancements enhance data availability and support modern applications across cloud environments. New solutions enable customers to optimize their VMware investments, ensuring better performance and disaster recovery options.
Pure Storage (NYSE: PSTG) announced its largest acquisition to date, acquiring Portworx, a leading Kubernetes data services platform, for $370 million in cash. This strategic move aims to enhance Pure's multi-cloud data services, focusing on containerized applications. With Portworx, Pure will provide robust storage solutions for enterprises, addressing the challenges of data resiliency and security in hybrid cloud architectures. The acquisition aligns with the growing trend of enterprises adopting cloud-native strategies and is expected to bolster Pure's position in the fast-evolving data services market.
Pure Storage (NYSE: PSTG) announced that its FlashBlade® has achieved the AWS Outposts Ready designation, enhancing its hybrid cloud capabilities. This designation validates FlashBlade's integration with AWS Outposts, allowing customers to utilize a unified fast file and object storage platform with native Amazon S3 capabilities. This solution is designed for modern applications requiring real-time processing and high throughput. FlashBlade offers benefits like performance, consolidation, and simplicity, enabling enterprises to manage data effectively across on-premises and cloud environments.
Pure Storage (NYSE: PSTG) announced that Atlantic Health System (AHS) has standardized on its solutions to enhance the performance of critical applications, including the Epic electronic health record system. This transition is expected to save AHS over $1 million in six years, allowing for strategic investments in patient care. AHS has achieved 100% system availability and significantly improved data processing times, reducing nightly ETL from 5.5 hours to just 20 minutes. Additionally, AHS anticipates over $1.3 million in total cost savings with Pure's Evergreen Storage model.
Pure Storage (NYSE: PSTG) has appointed Jason Rose as its new Chief Marketing Officer, effective September 9, 2020. In his role, Rose will focus on enhancing the company’s digital marketing strategies to drive revenue growth in response to the shifting online landscape. He brings extensive experience from his previous roles at SAP and Gigya, where he successfully led marketing initiatives. COO Paul Mountford emphasized the importance of digital savvy marketing during this period of transformation, aligning with Pure’s goal to provide a differentiated customer experience.
Pure Storage (NYSE: PSTG) has launched the second generation of its FlashArray//C, designed to lower costs significantly for capacity-oriented workloads. This all-QLC storage array utilizes Pure's DirectFlash technology and Purity software, making it 30% cheaper than comparable hybrid storage solutions. With capacities of 24.7TB and 49TB, the FlashArray//C enables enterprises to consolidate workloads and simplify operations, providing a cost-effective alternative to legacy systems. This innovation aims to enhance efficiency while delivering high availability and performance.
Pure Storage (PSTG) reported its Q2 results, with revenue at $403.7 million, a 2% year-over-year increase. Subscription services revenue surged by 37% to $131.4 million. GAAP gross margin stood at 68%, while operating losses reached $(64.1) million, contrasted by a non-GAAP operating income of $11.2 million. The company highlighted strong performance in subscription services and introduced the second-generation FlashArray//C. Despite solid results, Pure noted economic variability due to COVID-19 and refrained from formal guidance, anticipating flat Q3 revenue.
Pure Storage (NYSE: PSTG) announced that McMaster University's McArthur Lab is utilizing its FlashBlade technology to combat superbugs and COVID-19. The lab processes millions of data points daily, accelerating research for new treatments. FlashBlade's advanced unified storage improves decision-making efficiency, enabling rapid responses to health threats. The lab developed a tool that tracks the evolution of the COVID-19 virus, providing critical insights into its transmission. With growing genomic data, Pure’s infrastructure supports the lab's ongoing efforts to enhance global health security.
Pure Storage (NYSE: PSTG) and Cohesity announced a strategic partnership to deliver Pure FlashRecover, a cutting-edge data protection solution that combines all-flash backup and recovery capabilities. This offering meets critical business continuity needs and is designed for the growing demand for cloud services and ransomware protection. The solution enables rapid data recovery, improving performance and scalability while simplifying management. It will be available in the US in Q4 2020, with global availability in subsequent quarters.
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