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LAS VEGAS - Pure Storage (NYSE: PSTG), a $17.1 billion market cap company with an impressive 69% gross profit margin, introduced its Enterprise Data Cloud (EDC) platform on Wednesday, designed to simplify data management across on-premises, public cloud, and hybrid environments. According to InvestingPro data, the company maintains a strong financial health score and has been delivering steady revenue growth of nearly 11% year-over-year.
The EDC architecture aims to address challenges created by traditional storage models that lead to data fragmentation and silos. The platform enables organizations to centrally manage a virtualized cloud of data with unified control.
At the core of the platform is Pure Fusion, which unifies storage as a pool of adaptable resources. The company announced several new features, including Workload Automation with presets and remote provisioning for file, block and object storage across an organization’s fleet.
Pure Storage also unveiled Workflow Orchestration capabilities that can be deployed across entire IT environments, building on existing connectors to third-party applications including Cisco, Microsoft, VMware, ServiceNow and Slack.
Security enhancements include integration with Rubrik Security Cloud for threat detection and automated tagging of snapshots for faster recovery. The company also announced a partnership with CrowdStrike to deliver an on-premises storage solution optimized for Falcon LogScale deployments.
Additional new features include Pure Protect VMware to VMware Recovery and general availability of AI Copilot, an assistant that delivers personalized fleet-aware insights.
"It’s time to stop managing storage and start managing data," said Charles Giancarlo, Chairman and CEO of Pure Storage, in the press release statement. "Pure Fusion allows customers to create their own global Enterprise Data Cloud empowering them to manage their data with the control, automation and tracking needed to lead in a data-driven world."
The announcement was made at the company’s Pure//Accelerate event.
In other recent news, Pure Storage reported earnings and revenue that exceeded expectations, with a 12% year-over-year revenue growth, as highlighted by Citi analysts. The company’s Subscription Services segment contributed significantly, showing a 17.4% increase and making up over half of total sales for the first time. BofA Securities noted that despite surpassing revenue and earnings per share expectations, Pure Storage’s operating margins faced challenges, recording the lowest level in two years. Meanwhile, Piper Sandler raised Pure Storage’s price target to $66, maintaining an Overweight rating, citing the company’s positive business trajectory and ongoing projects with significant clients.
Evercore ISI maintained an Outperform rating with a $70 target, emphasizing Pure Storage’s strong performance in the April quarter and its ability to navigate a challenging demand environment. Additionally, Pure Storage unveiled new storage products designed for high-performance and latency-sensitive workloads, expanding its next-generation offerings. The company’s FlashBlade//S R2 product features next-generation controller blades, reportedly performing up to 30% better than competitors. Furthermore, Pure Storage’s engagement in artificial intelligence through its FlashBlade//E product and partnerships with QLC flash providers were noted as key developments by Citi. Despite the challenges, Pure Storage remains focused on capturing hyperscaler opportunities and expanding its Total Addressable Market.
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