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 joined the Ultra Ethernet Consortium (UEC), a Linux Foundation initiative aimed at developing an open Ethernet-based architecture for AI and HPC applications. As a leading data storage platform for enterprise AI, Pure Storage will contribute to defining UEC technology standards and deliver a forward-compatible platform optimized for AI and HPC workloads using Ethernet.
The move aims to address challenges in existing network solutions, offering a scalable and efficient alternative to support AI innovation. Key benefits include faster time to innovation, cost-effective operations, and enhanced customer choice between IB and Ethernet networks. This collaboration with industry leaders is expected to accelerate platform development and support UEC standards long-term, ultimately empowering organizations to meet the growing demands of AI and HPC.
Pure Storage (NYSE: PSTG), a leader in advanced data storage technology and services, has announced its upcoming financial results release and conference call for the second quarter fiscal year 2025, ending August 4, 2024. The conference call is scheduled for Wednesday, August 28 at 2:00 p.m. PT. Investors can access the live audio broadcast on Pure Storage's Investor Relations website, with a replay available for two weeks.
Additionally, Pure Storage will participate in the Goldman Sachs Communacopia + Technology Conference on Wednesday, September 11, 2024, at 12:25 p.m. PT. Chairman and CEO Charles Giancarlo and CFO Kevan Krysler will represent the company. This presentation will also be webcast live and archived on the company's Investor Relations website.
Pure Storage announced the winners of its fourth annual Breakthrough Awards at Pure//Accelerate 2024, recognizing seven customers for their exceptional use of Pure Storage's data storage technology. Honorees include NTT DATA, THG, SoftBank Corp., Rivian, Fiserv, MediaZen, and the Indiana Office of Technology. These companies were acknowledged for their innovation, sustainability, and business advancements across five categories: G.O.A.T. (Greatest of All Time), Cloud Champion, Data Warrior, Visionary, and Pure Good Sustainability. Key achievements include significant reductions in energy consumption, improved AI research capabilities, and enhanced data management efficiency.
Pure Storage announced groundbreaking innovations in its platform during the Pure Storage//Accelerate event on June 19, 2024.
Key highlights include Pure Fusion™ for dynamic storage automation, a first-of-its-kind AI copilot for storage, and Evergreen//One™ for AI, designed to support AI initiatives with flexible, pay-as-you-go storage options.
These advancements aim to enhance AI deployment, cyber resilience, and application modernization across various environments. Pure Storage's platform consistently offers non-disruptive upgrades, robust SLA guarantees, and significant energy efficiency.
The company also anticipates receiving NVIDIA DGX SuperPOD certification by the end of 2024, emphasizing its commitment to AI infrastructure.
On June 19, 2024, Pure Storage (NYSE: PSTG) announced new cyber resilience services and capabilities at Pure Storage//Accelerate in Las Vegas. The IT pioneer introduced three advanced Storage as-a-Service (STaaS) SLAs—cyber recovery and resilience, site rebalance, and enhanced security assessments. These offerings aim to help organizations mitigate risks associated with ransomware and other cyber threats, ensuring rapid recovery and operational continuity. Key features include expanded disaster recovery scenarios, a comprehensive cybersecurity strategy with quarterly reviews, AI-powered anomaly detection, and flexible site rebalancing options.
Pure Storage (NYSE:PSTG) has made a strategic investment in LandingAI, a leader in visual AI, announced on June 5, 2024. This partnership aims to advance AI vision models in the enterprise sector. Pure Storage's data storage platform will be combined with LandingAI's multimodal Large Vision Model (LVM) solutions, enabling enterprises to apply generative AI to diverse data types, including text, images, and videos. Pure Storage CTO Rob Lee and LandingAI CEO Andrew Ng highlighted the synergy between the companies and their potential to drive significant AI/ML advancements for enterprise customers. The collaboration is expected to shape the future of vision AI in various industries.
Pure Storage (NYSE: PSTG), in collaboration with Dimensional Research, has published a new report highlighting the rapid adoption of cloud-native platforms to enhance application delivery and spur enterprise innovation. The report, titled 'The Voice of Kubernetes Experts Report 2024,' surveyed 527 experienced IT professionals managing data services in Kubernetes environments. Key findings include that 80% of new applications will be cloud-native within five years, 58% of organizations plan to migrate VM workloads to Kubernetes, and 98% run data-intensive workloads on cloud-native platforms. The study also emphasizes the growing importance of platform engineering, with 96% of respondents having dedicated teams to enhance app scalability and flexibility.
Pure Storage (NYSE: PSTG) announced its Q1 FY25 financial results, highlighting an 18% year-over-year revenue growth to $693.5 million.
Subscription services revenue reached $346.1 million, with ARR surpassing $1.4 billion. The company reported a GAAP gross margin of 71.5% and a non-GAAP gross margin of 73.9%. Despite a GAAP operating loss of $41.8 million, the non-GAAP operating income was $100.4 million. Operating cash flow stood at $221.5 million, and free cash flow at $172.7 million.
Pure Storage also announced collaborations with NVIDIA for AI integrations and new self-service capabilities in its storage management platform.
For Q2 FY25, the company anticipates $755 million in revenue with a 9.6% YoY growth rate, and non-GAAP operating income of $125 million. FY25 guidance includes $3.1 billion in revenue and $532 million in non-GAAP operating income.
Pure Storage (NYSE: PSTG) announced that New Mexico State University (NMSU) has revamped its IT infrastructure using Pure Storage's advanced data storage solutions. This transformation allows NMSU to significantly enhance learning experiences for its 25,000+ community members. Key benefits include a 66% reduction in annual storage costs, a 14 to 12-fold reduction in data center footprint, and a dramatic 98% latency reduction, ensuring efficient, reliable performance. These improvements also include enhanced ransomware protection, non-disruptive upgrades, and overall operational efficiency, particularly benefiting remote learning and mission-critical systems.
Pure Storage (NYSE: PSTG) has enabled Ampersand, a leading source of TV inventory and viewership insights, to enhance its hybrid cloud strategy. By using Pure Cloud Block Store (CBS), Ampersand improves data resilience, flexibility, and performance, delivering better insights to advertisers and optimizing TV campaigns. The migration to AWS is simplified, ensuring seamless scalability and significant reductions in maintenance costs, saving Ampersand an estimated USD $1-$2 million. The platform also offers comprehensive disaster recovery and superior data management, enhancing overall operational efficiency.
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