Pure Storage declared Q1 financial results

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Sienna Rowley
Sienna Rowley
Sienna is an editor at Cloud Host News. She is an internet enthusiast, always eager to explore the latest trend in the tech space. She is a modest family woman who loves traveling in her free time.

Pure Storage declares the newest information experience that empowers companies to operate as a real, automated, storage-as-a-service model seamlessly over various clouds. Pure helps clients insert data to manage while decreasing the complexity and cost of maintaining the infrastructure after it. The organization declared the Q1 financial 2020 fiscal results.

Pure Storage presented substantial Q1 financial results

While the organization advances into fiscal 2021, Pure assumes to proceed to view power in sales and the choosing of its subscription services. Pure as-a-Service and Cloud Block Store combined subscription offerings extend to obtain momentum, enhancing flexibility for clients by giving a cloud-like business design.

Charles Giancarlo, Chairman, and CEO, Pure Storage stated that they are remarkably impressive of this quarter’s substantial results and growth, particularly while the prevailing global crisis. The whole organization adjusted instantly and delivered the technology and services that our clients required to retain their businesses up and working. Pure proceeds to give on the Modern Data Experience to let clients modify their storage services to be easy, secure, fast, and adaptable.

Financial Highlights of the first quarter

Pure Storage is retiring its fiscal 2021 year-end direction and will not give particular financial Q2 direction because of the global economic recession created by COVID-19. The organization’s prevailing outlook of fiscal Q2 outcomes, which should not be observed as direction, is that sales will be near flat year-over-year and managing profit will be near break-even.

  • Revenue $367.1 million, up by 12% year-over-year
  • Subscription Services revenue $120.2 million, up by 37% year-over-year
  • GAAP gross margin 70.0%; non-GAAP gross margin 71.9%
  • GAAP operating loss $(84.9) million; non-GAAP operating loss $(5.4) million
  • Operating cash flow was $35.1 million, up to $28.5 million year-over-year
  • Free cash flow was $11.3 million, up to $29.0 million year-over-year
  • Whole cash and investments of $1.3 billion

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