The US manufacturer of storage devices Pure Storage announced the business results of the first quarter of 2018 fiscal year. Revenues grew by almost a third, but the company remains unprofitable.
For the three-month period ended April 30, 2017, Pure Storage sales totaled $ 182.6 million from $ 139.9 million a year ago. Net loss decreased slightly from $ 63.8 million to $ 62.4 million.
On Wall Street, revenue was expected at $ 176 million, with an adjusted loss of 22 cents, which in fact was 14 cents.
Pure Storage produces disk storage consisting exclusively of flash drives (all-flash). In terms of sales of these devices, the company is second only to EMC, the volume of the all-flash market in 2015 was $ 2.6 billion (data from Gartner analysts). Pure Storage entered the stock exchange in October 2015. Now the company's market capitalization is measured at $ 2.45 billion.
Speaking at a conference dedicated to the publication of financial statements, Pure Storage CEO Scott Dietzen said that the company "focuses on one of the largest IT markets, developing new data-using applications, including artificial intelligence, quickly implementing cloud computing and updating corporate Data centers. The company began "its best year of innovation," he said..
According to the financial director of Pure Storage, Tim Riitters (Tim Riitters), from year to year the company improves its operating performance and aims at its goal of $ 1 billion in annual revenue.
In February-April 2017 Pure Storage attracted 300 new customers, their total number exceeded 3350.
Among them - the manufacturer of software Black Duck Software, the city of Davenport and the nuclear power plant KKG, which purchased a new storage system FlashBlade.
As a result of the current reporting quarter, Pure Storage predicts revenue in the range of $ 214 to $ 222 million, while market experts expect the figure at $ 214 million. The company's forecast for annual revenue is $ 975-1025 million, the forecast from Wall Street is $ 989 million, Barron's.
After the publication of financial results, Pure Storage shares went up by 9.3%, supported by results that were higher than analysts' expectations.