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Pure Storage Inc - PSTG STOCK NEWS

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.

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On April 26, 2023, Pure Storage (NYSE: PSTG) announced the opening of its new East Coast sales headquarters in New York City. This initiative aims to enhance the company's capacity to meet growing customer demands, reflecting increased adoption across key markets, with over 11,000 customers globally. The new office, located at One Penn Plaza, will foster collaboration among employees, customers, and partners. Pure Storage’s commitment to innovation and customer service is emphasized by this expansion, which aligns with its strategy of modernizing data handling through industry-leading solutions. Additionally, the company promotes community engagement through philanthropic efforts, including a donation to Rewriting the Code, an initiative supporting women's advancement in tech.

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Pure Storage (NYSE: PSTG) has launched File Services for FlashArray™, allowing organizations to utilize a unified storage service with both block and file data management. This advancement aims to reduce total cost of ownership (TCO) by up to 58% over three years, backed by Enterprise Strategy Group. Key features include:

  • Global Storage Pools: Simplifies storage growth without pre-planning.
  • Unified Policy Management: Streamlines management, reducing admin time.
  • VM-Aware Storage: Offers granular visibility for virtual machines.
  • Broad Use Case Support: Compatible with common applications like VMware and NFS.

Customer experiences indicate significant reductions in data center units and operation complexities.

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Pure Storage has partnered with EV Group to enhance storage management, significantly improving efficiency and sustainability. The collaboration allows EVG to reduce storage management and maintenance time by 90% and energy consumption by 85%. EVG, a major player in semiconductor production, chose Pure Storage's tools, including FlashArray, Evergreen//Forever, and Pure1, to accelerate product development and establish a competitive edge. Pure Storage solutions have enabled EVG to manage data more effectively, reduce costs related to power consumption, and facilitate data protection. The partnership aims to foster continuous growth in the competitive semiconductor market.

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Pure Storage (NYSE: PSTG) announced that the Australian Genome Research Facility (AGRF), Australia's leading genomics service provider, has adopted FlashBlade, Pure's unified fast file and object storage solution. This transition aims to enhance data performance and reduce genomic pipeline turnaround times for AGRF's global clients. AGRF typically generates over 10 terabytes of raw data weekly, which has increased four-fold post-sequencing. With FlashBlade, AGRF has achieved up to an 86% reduction in clinical genome sequencing times, down from 28 days to just 10 days. This advancement allows for faster decision-making in critical projects, improving overall workflow efficiency.

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On March 1, 2023, Pure Storage announced the launch of FlashBlade//E, an advanced scale-out unstructured data repository designed to meet the demands of exponential data growth. This new product offers a competitive acquisition cost of under $0.20 per GB, including three years of service, and boasts energy efficiency that consumes up to 5x less power than traditional disk systems. FlashBlade//E aims to simplify data management with reliability and non-disruptive upgrades, providing a sustainable solution for organizations facing increasing storage needs. General availability is expected by the end of April 2023.

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Pure Storage (NYSE: PSTG) reported strong financial results for fiscal 2023, with revenue growth of 26% year-over-year, totaling $2.8 billion. In Q4 alone, revenue reached $810.2 million, a 14% increase year-over-year. Subscription services ARR hit $1.1 billion, up 30%. The company introduced the new FlashBlade//E, enhancing flash technology economics. Despite macro conditions, Pure aims for long-term growth, projecting mid to high single-digit revenue growth for FY24 and a 15% non-GAAP operating margin. They returned $219 million to shareholders via stock repurchases.

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Pure Storage (NYSE: PSTG) will host a conference call on March 1, 2023, at 2:00 p.m. PT to discuss its financial results for the fiscal fourth quarter and full year 2023, concluding on February 5, 2023. The call will follow the release of its financial results, which are eagerly anticipated by investors. A live audio broadcast will be available on the Investor Relations website. Pure Storage is committed to making data storage easy and efficient, focusing on sustainability while providing high customer satisfaction, ranked in the top one percent of B2B companies.

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Pure Storage (NYSE: PSTG) announced a milestone with its Evergreen Portfolio, surpassing $1 billion in Annual Recurring Revenue (ARR) for the first time, reflecting a 30% year-over-year growth. The company introduced a unique energy efficiency service level agreement (SLA) for Evergreen//One™, promising to enhance sustainability in enterprise storage. The SLA guarantees energy efficiency, allowing customers to measure actual Watts per tebibyte (TiB) and qualifies for service credits if targets are unmet. The subscription services revenue reached $244.8 million, up 30% year-over-year, underscoring strong demand for its services.

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Pure Storage (NYSE: PSTG) reported a 20% year-over-year revenue growth for Q3, achieving $676 million in revenue. Subscription services revenue grew 30%, reaching $244.8 million, with Subscription Annual Recurring Revenue (ARR) surpassing $1 billion. The company increased its FY23 non-GAAP operating income guidance to $430 million. GAAP gross margin stood at 69%, while non-GAAP gross margin was 70.9%. Operating cash flow was $154.7 million. Pure continues to expand on sustainability efforts and launched a new managed service for Portworx.

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FAQ

What is the current stock price of Pure Storage (PSTG)?

The current stock price of Pure Storage (PSTG) is $63.87 as of February 24, 2025.

What is the market cap of Pure Storage (PSTG)?

The market cap of Pure Storage (PSTG) is approximately 20.8B.

What does Pure Storage, Inc. do?

Pure Storage, Inc. provides advanced data storage technology and services designed for SaaS companies, cloud service providers, enterprises, and public sector customers.

What are the core offerings of Pure Storage?

Pure Storage offers a range of products and services including Evergreen Storage subscriptions, Pure as-a-Service, Cloud Block Store, and Portworx, along with professional consulting for installation and implementation.

How does Pure Storage support next-generation technologies?

Pure Storage enables rapid adoption of next-generation technologies like artificial intelligence and machine learning, helping customers maximize the value of their data.

What was the financial performance of Pure Storage for FY2024?

Pure Storage reported strong revenue growth and exceeded its revenue and operating margin guidance for Q4 of FY2024, with expectations of continued double-digit revenue growth in FY25.

How does Pure Storage contribute to environmental sustainability?

Pure Storage designs products and solutions aimed at reducing customers' carbon and energy footprints, striving to reduce data center emissions worldwide.

What is the customer satisfaction level for Pure Storage?

Pure Storage boasts a Satmetrix-certified NPS customer satisfaction score in the top one percent of B2B companies, reflecting their high customer satisfaction.

What accolades has Pure Storage received?

Pure Storage has been recognized as a leader in the 2023 Gartner Magic Quadrant for both Primary Storage and Distributed File Systems & Object Storage.

What strategic initiatives has Pure Storage undertaken recently?

Pure Storage has implemented a share repurchase program and continues to enhance its investor relations initiatives, reflecting its strong financial condition and commitment to shareholder value.

What is the latest news about Pure Storage?

The latest updates include financial results, significant partner program enhancements, and customer success stories from organizations like Empresas Berríos and New Mexico State University.

Where can investors find more information about Pure Storage?

Investors can visit the Pure Storage Investor Relations website for financial reports, conference call details, and updates on the company's performance and strategic initiatives.
Pure Storage Inc

NYSE:PSTG

PSTG Rankings

PSTG Stock Data

20.75B
308.86M
5.21%
84.51%
2.83%
Computer Hardware
Computer Storage Devices
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United States
SANTA CLARA