PURE STORAGE Reports Profitable Q2 Fiscal Year 2024 Earnings Results
October 21, 2023
☀️Earnings Overview
PURE STORAGE ($NYSE:PSTG) reported no change in total revenue year-over-year for the second quarter of its fiscal year 2024, with USD 688.7 million reported on July 31 2023. Net income for the quarter was also unchanged from the same period in the previous fiscal year, at USD -7.1 million.
Price History
On Thursday, PURE STORAGE reported profitable Q2 Fiscal Year 2024 earnings results. The company’s stock opened at $37.4 and closed at $36.9, down by 1.1% from the previous day’s closing price of 37.3. Overall, PURE STORAGE showed strong financial performance in the second quarter of fiscal year 2024, with the company continuing to make progress towards its long-term goals. Investors can look forward to future growth as the company continues to invest in product innovation and market penetration. 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 | 0.4% |
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 | 3.16 |
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
At GoodWhale, we take a comprehensive look at a company’s fundamentals when analyzing their performance. Such is the case with PURE STORAGE. After taking a look at the company’s cash flows and debt, we concluded that PURE STORAGE has a high health score of 8/10, indicating that it is capable to safely ride out any crisis without the risk of bankruptcy. Moreover, after analyzing these fundamentals, we classified PURE STORAGE as a ‘gorilla’, a type of company that achieved stable and high revenue or earning growth due to its strong competitive advantage. This makes PURE STORAGE an attractive investment option for investors looking for companies with strong growth potential. Furthermore, our Star Chart indicated that PURE STORAGE is strong in growth, profitability, and medium in asset, with a weak rating in dividend. This suggests that PURE STORAGE could be an excellent choice for investors who are looking for companies with potential to generate high returns. 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
PURE STORAGE reported its earnings for the second quarter of its fiscal year 2024, with total revenue at USD 688.7 million and net income at USD -7.1 million. This translates to no growth year-over-year and no improvement in net income. For investors, this suggests that the company may not be making headway in terms of financial performance and could be a sign that some changes need to be made in order to bolster returns. As such, it would be prudent for investors to perform additional research and consider other investment alternatives before investing in PURE STORAGE.
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