Pure Storage Reports 6.5% Year-on-Year Revenue Increase for Q2 FY2024, Totaling $688.7 Million
September 13, 2023
☀️Earnings Overview
For the second quarter ending July 31 2023, PURE STORAGE ($NYSE:PSTG) reported total revenue of USD 688.7 million, a 6.5% year-on-year increase. However, their net income was USD -7.1 million as opposed to the 10.9 million earned during the same period in the previous year. This announcement was made on August 30 2023.
Analysis
GoodWhale has recently conducted an analysis of PURE STORAGE‘s fundamentals. This deep dive into the company’s financial and business aspects resulted in a Risk Rating that deemed PURE STORAGE a medium risk investment. Those interested in taking a more in-depth look into the company’s performance should become a registered user and take advantage of GoodWhale’s findings. Through their analysis, they have identified three risk warnings within the balance sheet, cashflow statement, and non financial information. This valuable insight can help potential investors make an informed decision on whether or not to invest in the company. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Pure Storage. More…
| Total Revenues | Net Income | Net Margin |
| 2.76k | -0.83 | 0.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Pure Storage. More…
| Operations | Investing | Financing |
| 662.59 | -302.87 | -603.97 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Pure Storage. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.13k | 2.15k | 3.21 |
Key Ratios Snapshot
Some of the financial key ratios for Pure Storage are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 17.8% | – | 1.0% |
| FCF Margin | ROE | ROA |
| 16.5% | 1.9% | 0.6% |
Peers
Its competitors, Cambex Corp, Wiwynn Corp, and NetApp Inc, are all providers of flash-based storage solutions.
– Cambex Corp ($OTCPK:CBEX)
Cambex Corp is a publicly traded company with a market capitalization of 468.58k as of 2022. The company has a return on equity of -9.55%. Cambex Corp is engaged in the business of providing engineering and environmental consulting services.
– Wiwynn Corp ($TWSE:6669)
Wiwynn Corp is a leading provider of data center solutions. Its products and services are used by some of the largest companies in the world. The company has a market cap of 113.47B as of 2022 and a return on equity of 29.23%. Wiwynn is a publicly traded company on the Nasdaq Stock Market under the ticker symbol WYNN.
– NetApp Inc ($NASDAQ:NTAP)
NetApp Inc. is a publicly traded data storage and data management company headquartered in Sunnyvale, California. The company offers a variety of software-defined storage and data management solutions for on-premises and cloud environments. NetApp was founded in 1992 and went public in 1995. The company has a market capitalization of $13.58 billion as of 2022 and a return on equity of 100.42%. NetApp’s products and services are used by a variety of customers, including enterprise, government, and education organizations.
Summary
PURE STORAGE reported solid second quarter results for FY2024. Total revenue was up 6.5% year over year to USD 688.7 million, while net income decreased to negative 7.1 million, from 10.9 million in the same quarter of the previous year. Investors should note that even though total revenue increased significantly, the net income decrease indicates that the company may be having difficulty controlling costs. The data suggests that PURE STORAGE may have potential for further growth if it can control its overhead expenses.
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