Pure Storage is delivered a decent set of quarterly results, showing a 20% revenue increase year over year and a 30% increase in subscriber ARR, reaching $1 billion for the first time. It also managed an earnings beat. Evergreen/One experienced a solid quarter and the company also saw outstanding growth for its new products, including FlashArray/C, FlashArray/XL, and FlashBlade/S. Sales of petabytes and S-systems exceeded management expectations by a significant margin. They observed that S customers prefer to buy bigger systems than those of the previous generation, using improved performance and scale. Looking ahead to the state of the global economy, the management continues to observe lengthier sales cycles in the enterprise market and anticipate that businesses will continue to be cautious with their expenditure over the coming year. Pure Storage may further benefit from this emphasis on expenditure in the ensuing quarters. Enterprise clients also have significantly lower running expenses thanks to Pure’s Evergreen solutions, best-in-class power, cooling, and operating ease. We give them a ‘Hold’ rating with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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