Seven customers honored at Pure//Accelerate 2024 for innovative use of the Pure Storage platform among 12,500+ global customers Customers including NTT DATA, THG, SoftBank Corp., Rivian, Fiserv, MediaZen, and the Indiana Office of Technology (IOT) were selected among more than 12,500 of Pure Storage's global customers as leaders across five categories: G.O.A.T. (Greatest of All Time), Cloud Champion, Data Warrior, Visionary, and Pure Good Sustainability. 2024 Award Recipients: "Today's award further demonst ...

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor. Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform. For new ...

Extends STaaS leadership, now with 10 concurrent SLAs, the industry's most comprehensive set of service level agreements AI is revolutionizing business, and not always for the better. Cyber criminals are increasingly using AI to increase the frequency and impact of cyber attacks, especially ransomware. However, existing IT infrastructure generally lacks flexibility to react to the rapid pace of change required to protect data, and rapidly recover if needed. Further advancing Pure's existing cyber resiliency ...

AI Storage as-a-Service and other solutions showcased at //Accelerate deliver the best foundation for AI and cyber resilience "Pure is redefining enterprise storage with a single, unified data storage platform that can address virtually all enterprise storage needs including the most pressing challenges and opportunities IT leaders face today, like AI and cyber resilience. The Pure Storage platform delivers unparalleled consistency, resilience, and SLAguaranteed data storage services, reducing costs and unc ...

Revenue Growth - Total revenue increased by $104.2 million, or 18%, in Q1 FY2025 compared to Q1 FY2024, driven by sales to new and existing enterprise customers [151]. - Product revenue rose to $347.4 million, a 12% increase from $308.9 million in Q1 FY2024, primarily due to strong demand for FlashBlade solutions [151][152]. - Subscription services revenue grew by 23% to $346.1 million, up from $280.3 million in Q1 FY2024, largely driven by Evergreen subscription services [151][153]. - Subscription Annual Recurring Revenue (ARR) reached $1.45 billion, reflecting a year-over-year growth of 25% [156]. Financial Performance - Total remaining performance obligations (RPO) stood at $2.3 billion, with an expectation to recognize approximately 48% over the next 12 months [157]. - Total gross margin improved to 71% in Q1 FY2025, up from 70% in Q1 FY2024 [160]. - Net cash provided by operating activities increased to $221.5 million in Q1 FY2025 from $173.2 million in Q1 FY2024, driven by improved sales collections [182]. Expenses - Cost of revenue increased by $21.8 million, or 12%, during Q1 FY2025, with product cost of revenue at $100.8 million and subscription services cost at $97.0 million [160]. - Research and development expenses increased by $8.5 million, or 5%, in Q1 FY2025, primarily due to stock-based compensation adjustments [164]. - Sales and marketing expenses increased by $18.5 million, or 8%, in Q1 FY2025 compared to Q1 FY2024, primarily due to a $22.8 million increase in employee compensation [166]. - General and administrative expenses rose by $9.4 million, or 14%, in Q1 FY2025 compared to Q1 FY2024, driven by additional stock-based compensation [168]. - The company recognized $15.9 million in restructuring and impairment costs during Q1 FY2025, including $9.5 million in severance and termination benefits [169]. Cash and Investments - Cash, cash equivalents, and marketable securities totaled $1.7 billion at the end of Q1 FY2025, sufficient to fund operating and capital needs for at least the next 12 months [174]. - Net cash used in investing activities was $48.4 million in Q1 FY2025, primarily for capital expenditures related to new product innovation [184]. - The share repurchase authorization increased to $395.4 million, with no repurchases made during Q1 FY2025 [180]. Market Risks - A hypothetical 1.00% increase in interest rates could decrease the fair value of marketable securities by approximately $9.3 million [196]. - The company assessed a potential adverse change of 10% in foreign currency exchange rates, which could impact loss before income taxes by approximately $6.9 million [198]. - The company has not engaged in derivative or hedging transactions for foreign currency exchange risks due to their historical insignificance [197]. - The company’s sales contracts are primarily in U.S. dollars, with a small proportion in foreign currencies, exposing it to currency fluctuations [197]. - The company incurs a portion of its operating expenses in foreign currencies, which may lead to transaction gains and losses [197]. - The company may consider entering into hedging transactions in the future if foreign currency exposure increases significantly [197]. - The company is exposed to market risks from fluctuations in interest rates affecting interest income and investment values [195]. Operational Developments - The company introduced new self-service capabilities in March 2024, enhancing customer control over their data storage environment [138]. - Operating expenses as a percentage of total revenue decreased from 31% in Q1 FY2024 to 28% in Q1 FY2025 [164].

Pure Storage, Inc. (PSTG) is making a strategic investment in visual AI tech company, LandingAI. The investment is aimed at boosting the advancement of AI vision models. Headquartered in Palo Alto, CA, LandingAI was founded by Andrew Ng. It is guided by a data-centric AI approach to aid business organizations with limited data sets to comprehend the business value of AI and transfer AI projects from proof-of-concept to full-scale production. LandingAI's key product is LandingLens, a computer vision cloud pl ...

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both. What are the Zacks Style Scores? The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens. It also includes access to the Zacks Style Scores. The Zacks S ...

Strategic Investment - Pure Storage has made a strategic investment in LandingAI to advance the future of vision AI [1] - The partnership aims to leverage LandingAI's multi-modal Large Vision Model (LVM) solutions to enhance vision AI capabilities for Pure Storage's enterprise customers [2] Industry and Technology Focus - Enterprises increasingly require solutions to apply generative AI to diverse data types, including text, images, and videos [3] - LandingAI specializes in visual AI solutions, enabling companies to transition AI projects from proof-of-concept to production with limited data sets [4] - LandingAI's flagship product, LandingLens™, is a computer vision cloud platform that facilitates quick and efficient deployment of computer vision solutions [4] - LandingAI is a pioneer in domain-specific Large Vision Models (LVMs), which improve the processing and understanding of visual data at scale [4] Company Profiles - Pure Storage provides a leading data storage platform that supports AI initiatives at any stage, offering agility and reduced total cost of ownership [5] - Pure Storage is committed to reducing data center emissions worldwide by enabling customers to lower their carbon and energy footprint [5] - LandingAI, founded by Andrew Ng, is uniquely positioned to democratize AI technology, making it accessible and beneficial to a broader audience [4] Market Recognition - Pure Storage is recognized as a leader in the 2023 Gartner Magic Quadrant for Primary Storage and Distributed File Systems & Object Storage [7]

The new report, "The Voice of Kubernetes Experts Report 2024: The Data Trends Driving the Future of the Enterprise," explores the top priorities and trends in the cloud-native landscape, including modern virtualization, cloud-native database and AI/ML adoption using Kubernetes, and the rise of platform engineering. The report surfaces proven best practices from advanced platform leaders, serving as a roadmap for enterprises seeking to scale Kubernetes initiatives. Survey Highlights: The survey, representing ...

Pure Storage (PSTG) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock. Shares of this data storage company have returned +15.4% over the past month versus the Zacks S&P 500 composite's +5.1% change. The Zacks Computer- Storage Devices industry, to which Pure Storage belongs, has gained 3.4% over this period. Now the key question is: Where could the stock be headed in the near term ...