Pure Storage Inc Stock Price, News & Analysis

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.

Pure Storage (NYSE: PSTG) reported a 30% year-over-year revenue growth for Q2, reaching $646.8 million. The company achieved a record operating profit, with a non-GAAP operating income of $106 million and a non-GAAP operating margin of 16.4%. Subscription services revenue grew by 35% to $232.2 million, and the Annual Recurring Revenue (ARR) rose to $955 million. The FY23 revenue outlook is raised to $2.75 billion.