Pure Storage, Inc. (NYSE:PSTG) Q3 2024 Earnings Conference Call Highlights

Magpie.AI 2023-11-29 20:15:25

Keywords: Pure Storage, Q3 2024, earnings, conference call, Evergreen//One, Portworx, FlashBlade//E

Pure Storage, Inc. (NYSE:PSTG) recently held their Q3 2024 Earnings Conference Call and provided updates on their financial results and business strategy. The company saw healthy demand for their portfolio throughout the quarter, demonstrating that Pure's platform strategy and vision is resonating with their customers. The Pure Storage platform provides customers the ability to deploy a consistent software and management environment across the full price performance range for block, file, and object workloads, for both traditional and cloud-native applications.

The company has seen strong momentum in their Evergreen//One, their Storage as a Service consumption offering, which more than doubled year-over-year. This has led to a significant impact on their near-term revenue, but the company expects this strong level of demand to continue through Q4. Pure has set a new industry standard with eight service level agreement (SLA) guarantees across their Evergreen services. They also introduced a paid power and rack program, paying their Evergreen customers power and rack space costs, addressing the increasing cost of electricity and data center space.

Portworx, Pure's Kubernetes and container storage software for cloud-native applications, had a record quarter and was recently named a leader in the inaugural IDC Marketscape for container data management. The company also saw increased multiyear renewals from existing customers and new customers deploying the Portworx suite of products for multi-cloud databases, messaging, and logging systems.

Pure's FlashBlade//E has seen strong demand, and the company announced the general availability of FlashArray//E and shipped their first orders. The company has also seen strong early customer interest in their expanded partnership with Microsoft and the Pure Cloud Block store integration with Azure VMware Solution. The company is seeing strong positive response to their position of having a consistent, unified flash platform for all storage needs from the data center to the cloud.

Pure is planning to add to their sales force to support their continued growth. They are pleased with the strength and demand across their entire Pure Storage platform and are confident in their continued ability to take share and outpace the market.

In summary, Pure Storage's Q3 2024 Earnings Conference Call highlighted strong momentum in their Evergreen//One Storage as a Service consumption offering, continued demand for their portfolio, and a positive outlook for the company's future growth.