Pure Storage Inc - PSTG STOCK NEWS

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.

Pure Storage announced a conference call to discuss its first-quarter financial results for fiscal year 2025. The call will take place on May 29, 2024, following the release of financial results on May 5, 2024. The company will also participate in various investor conferences, including the Bank of America Global Technology Conference and William Blair Growth Stock Conference. Additionally, a product and technology-focused meeting for financial analysts will be held at Pure//Accelerate 2024 on June 20, 2024.

Pure Storage and Red Hat have announced an optimization for Portworx on Red Hat OpenShift to streamline integration and provide enterprises with a more seamless path to modern virtualization. This collaboration allows for the deployment, scaling, and management of modern applications on a single platform, catering to both virtual machines (VMs) and containers. The partnership aims to accelerate time to market, reduce costs, and bring consistency to the entire application development process.