Pure Storage Inc Stock Price, News & Analysis

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.

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.