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) 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.
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.
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.
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.
Pure Storage (NYSE: PSTG) announced a conference call on November 30, 2022, at 2:00 p.m. PT to discuss its financial results for the fiscal third quarter ending November 6, 2022. The live audio broadcast will be available on the Pure Storage Investor Relations website. A replay will be accessible for two weeks after the call. The company also highlighted its participation in several investor conferences in December, which includes presentations by key executives. Pure's commitment to sustainability and customer satisfaction continues to set it apart in the data storage industry.
Pure Storage (NYSE: PSTG) reported strong growth in its Financial Services sector, increasing over 30% year-over-year in FY'22. The demand for its all-flash storage solutions continues to rise as leading financial organizations modernize their data management. Nine of the top ten global investment banks and numerous asset management firms utilize Pure's innovative technologies, including FlashArray and FlashBlade, to improve performance and operational efficiency. The Evergreen architecture further enhances customer flexibility and reduces the need for costly upgrades, solidifying Pure Storage's role as a pivotal player in the financial sector.
Pure Storage (NYSE: PSTG) announced its positioning as a Leader in Gartner's Magic Quadrant for Distributed File Systems and Object Storage, recognized for both its Completeness of Vision and Ability to Execute. This recognition reflects Pure's commitment to innovative data storage solutions, particularly through its FlashBlade platform, which is utilized by over 25% of the Fortune 100. Recent achievements include the launch of FlashBlade//S, which offers improved performance and energy efficiency, alongside notable customer satisfaction ratings.
Pure Storage announced at KubeCon North America 2022 the launch of a fully managed service for Portworx Enterprise, enhancing operations for Kubernetes applications. The new service enables DevOps teams to deploy Kubernetes apps in seconds with improved scalability and reliability. Key features include the PX-Fast capability for low latency workloads, Near-Sync DR for minimal downtime, and an Object Storage Service for seamless integration with Kubernetes. Additionally, a free tier of Portworx Backup is offered to protect up to 1TB of data.
Pure Storage (NYSE: PSTG) has been recognized as a Leader in the Gartner Magic Quadrant for Primary Storage for the ninth consecutive year, solidifying its position in the enterprise storage industry. The company has excelled in both the Ability to Execute and Completeness of Vision axes. Recent product introductions include FlashArray//XL, which offers a significant performance boost, and Pure Fusion, enhancing self-service data management. The company also emphasizes energy efficiency, claiming up to 84.7% energy savings compared to competitors.
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