Pure Storage Shines in FQ1, Reaffirms FY 2024 Growth Guidance
June 22, 2023
☀️Trending News
Pure Storage ($NYSE:PSTG) has delivered an impressive set of results for FQ1, exceeding its own expectations and investor forecasts. Pure Storage is a leading provider of on-premise and cloud-based data storage solutions. The company offers a suite of services designed to help customers optimize their data storage and management needs. The company also offers a range of hardware, software, and services that allows for the easy deployment and management of critical and sensitive data.
In addition, Pure Storage provides a range of analytics and machine learning capabilities that enable customers to gain actionable insights into their data. The strong FQ1 results demonstrate the success of Pure Storage’s strategy of focusing on customer need and satisfaction. The company has continually invested in its products and services to ensure they keep up with the ever-evolving demands of customers. With the reconfirmed FY 2024 growth guidance, Pure Storage looks set to continue to add value for its customers and shareholders alike.
Earnings
Pure Storage has released its FY2023 Q4 earnings report, ending January 31 2023, showing impressive results. The total revenue for the quarter was 810.21M USD, representing a 14.3% increase from the previous year. Furthermore, net income was 74.47M USD, a 398.5% increase from the corresponding period in the previous year.
These results indicate an impressive growth of the company’s total revenue from 502.72M USD to 810.21M USD in the last three years. In light of these figures, PURE STORAGE has reaffirmed its guidance for FY 2024 growth.
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 |
| 2.72k | 17.2 | 0.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Pure Storage. More…
| Operations | Investing | Financing |
| 720.35 | -136.33 | -661.56 |
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 |
| 2.96k | 2.05k | 2.95 |
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 |
| 17.4% | – | 1.7% |
| FCF Margin | ROE | ROA |
| 20.0% | 3.2% | 1.0% |
Price History
On Wednesday, Pure Storage (PSTG) reported its first quarter (FQ1) financial results that exceeded Wall Street’s expectations. The result was driven by strong demand for the company’s all-flash storage technology. The stock opened at $29.1 and closed at $28.8, down by 2.1% from the previous closing price of 29.4.
This investment is aimed at further advancing the company’s technology platform and expanding its customer base across multiple industries. Overall, the FQ1 results and outlook for FY 2024 reaffirms Pure Storage’s commitment to delivering value to shareholders. Live Quote…
Analysis
At GoodWhale, we analyze PURE STORAGE‘s financials to provide you with the relevant information you need to make an informed decision. According to our Star Chart, PURE STORAGE has a high health score of 8/10 when it comes to its cashflows and debt, showing that it is capable of paying off debt and funding future operations. Based on our analysis, we classify PURE STORAGE as a ‘gorilla’, a type of company that has achieved stable and high revenue or earning growth due to its strong competitive advantage. Investors looking to invest in such companies should consider the current market situation, long-term potential, and risk before investing. Investing in such a company can be beneficial for those willing to take a calculated risk and remain invested for the long-term. More…
Peers
Its competitors, Cambex Corp, Wiwynn Corp, and NetApp Inc, are all providers of flash-based storage solutions.
– Cambex Corp ($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
The company reaffirmed its guidance for FY 2024 revenue growth, indicating strong future prospects. Investors are encouraged by the positive momentum in the cloud-based storage industry, as Pure Storage continues to capitalize on the growing demand for data storage and management solutions. With an emphasis on cloud-native capabilities and cost efficiency, the company is well-positioned to benefit from the industry’s rapid expansion. Given these positive fundamentals, analysts believe that Pure Storage’s stock has significant upside potential.
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