PURE STORAGE Reports Earnings Results for FY2024 Q2, Ending July 31 2023
September 5, 2023
🌥️Earnings Overview
On August 30 2023, PURE STORAGE ($NYSE:PSTG) announced its financial results for the second quarter of FY2024 (ending July 31 2023). The total revenue grew 6.5% year-on-year to USD 688.7 million, however, this was offset by a fall in net income which was reported as USD -7.1 million – a decrease from the USD 10.9 million reported for the same period the previous year.
Market Price
On Wednesday, PURE STORAGE reported its earnings results for the second quarter of Fiscal Year 2024, ending on July 31 2023. The stock opened at a price of $36.2 and closed at $36.5, representing a 0.4% increase from its last closing price of $36.3. This increase in the stock price is a reflection of the strong performance that PURE STORAGE achieved in this quarterly report.
This growth was mainly driven by record-high sales in its cloud-based storage solutions and high adoption of its new product offerings. This increase was mainly attributed to cost optimization initiatives taken by the company over the past year. Live Quote…
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% |
Analysis
GoodWhale has conducted an analysis of PURE STORAGE‘s financials, and the results are very encouraging. Looking at the Star Chart, it is clear that PURE STORAGE is strong in terms of growth and profitability, and medium in terms of asset utilization. Nevertheless, its overall health score is 8 out of 10, which means that it can sustain its future operations even during times of crisis. We have also classified PURE STORAGE as a ‘gorilla’, which is a type of company that has achieved stable and strong revenue or earning growth due to its strong competitive advantage. In light of these results, investors with a long-term view are likely to be interested in this company, as it shows strong growth potential. More…
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
Investors looking into PURE STORAGE for the second quarter of FY 2024, ending July 31 2023, may be disappointed with the reported results. Total revenue showed a 6.5% year-on-year increase to USD 688.7 million, but the reported net income for the quarter was an unfortunate USD -7.1 million, compared to a profit of USD 10.9 million in the same period last year. Despite this, PURE STORAGE may still have potential as a long-term investment, since it has been increasing its revenue year on year and has shown potential to produce a profit in the past.
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