Q2 2025 Pure Storage Inc Earnings Call Transcript
Key Points
- Pure Storage Inc (PSTG) reported Q2 revenue growth of 11% year over year, indicating strong market performance.
- The company introduced the next generation of Fusion, a first-of-its-kind storage cloud architecture, enhancing its product offerings.
- Evergreen//One service offering remains strong, providing flexibility and efficiency in terms of capital costs, energy, and labor.
- Pure Storage Inc (PSTG) continues to see strong deal activity in the AI market, with significant interest from customers.
- The company has a robust financial position with $1.8 billion in cash and investments at the end of Q2.
- Lengthening of large enterprise deal times impacted Evergreen//One growth in the first half of the fiscal year.
- The company experienced extended closing timelines for larger Evergreen//One opportunities, affecting year-over-year RPO growth.
- Pure Storage Inc (PSTG) lowered its Evergreen//One TCV target from $600 million to $500 million, reflecting slower-than-expected deal closures.
- There is a modest strategic decline expected in product gross margins during the second half of the fiscal year.
- The competitive environment remains tough, with legacy competitors intensifying their efforts against Pure Storage Inc (PSTG).
(audio in progress) to the Pure Storage second-quarter fiscal 2025 financial results conference call. Today's conference is being recorded. (Operator Instructions)
At this time, I'd like to turn the call over to Paul Ziots, Vice President of Investor Relations. Please go ahead.
Thank you. Good afternoon, everyone, and welcome to Pure's second-quarter fiscal year 2025 earnings conference call. On the call, we have Charlie Giancarlo, Chief Executive Officer; Kevan Krysler, Chief Financial Officer; and Rob Lee, Chief Technology Officer. Following Charlie's and Kevan's prepared remarks, we will take questions. Our press release was issued after close of market and is posted on our website where this call is being simultaneously webcast. The slides that accompany this webcast can be downloaded at investor.purestorage.com.
On this call today, we will make forward-looking statements, which are subject to various risks and uncertainties. These include statements regarding our financial
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