Pure Storage, a global leader in data storage and management, reported a 3% increase in total revenue for fiscal 2024, amounting to $2.83 billion compared to the previous fiscal year. Despite a 9% decline in product revenue, subscription services revenue surged by 26%, driven by the growth of Evergreen subscription services and Evergreen//One sales. The company's Subscription Annual Recurring Revenue (ARR) also saw a significant 25% increase year-over-year. Gross margins improved across both product and subscription services, with product gross margin rising from 68% to 71% and subscription services gross margin from 70% to 72%. Operating expenses saw an uptick, with research and development costs increasing by 6% and sales and marketing expenses by 7%. General and administrative expenses rose by 12%, reflecting the company's investment in administrative...Show More

Pure Storage, a global leader in data storage and management, reported a 3% increase in total revenue for fiscal 2024, amounting to $2.83 billion compared to the previous fiscal year. Despite a 9% decline in product revenue, subscription services revenue surged by 26%, driven by the growth of Evergreen subscription services and Evergreen//One sales. The company's Subscription Annual Recurring Revenue (ARR) also saw a significant 25% increase year-over-year. Gross margins improved across both product and subscription services, with product gross margin rising from 68% to 71% and subscription services gross margin from 70% to 72%. Operating expenses saw an uptick, with research and development costs increasing by 6% and sales and marketing expenses by 7%. General and administrative expenses rose by 12%, reflecting the company's investment in administrative functions. Pure Storage ended the fiscal year with $1.5 billion in cash, cash equivalents, and marketable securities. The company's future plans include a focus on expanding its Evergreen//One and Evergreen//Flex offerings, expecting approximately 50% growth in fiscal 2025. Additionally, Pure Storage is committed to innovation and development to enhance its platform portfolio, as well as operational efficiencies to support its subscription services growth.