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Pure Storage CEO On Why The Firm Was ‘Well Positioned’ Before COVID-19 Hit And What’s Next

Charles Giancarlo told CRN the company is doing well financially in large part to its focus on software and on its Pure-as-a-Service subscription service, and said Dell's new PowerStore means big opportunities for Pure Storage to get into Dell accounts.

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What's the key takeaway from Pure Storage's first fiscal quarter 2021 results?

We had a really strong Q1 results. The company executed very well. Great physical [product] supply chain and subscription services supply chain. Really strong enterprise growth overall. We think that we were well positioned when the [COVID-19] crisis hit in terms of having a product that's simple and fast to install and easy to manage on a remote basis. We're seeing good take-up on both existing and new products. So overall, it was a really good quarter.

Where is Pure Storage seeing the better revenue growth: hardware or software?

We're seeing it across the board, actually. Our subscription growth was up 37 percent [year-over-year]. So we continue seeing really strong growth in our subscription services. But product growth has been good as well.

I see that for the first fiscal quarter of 2021, Pure Storage reported both GAAP and non-GAAP net losses. When can we expect to see those turn to net profits?

It's our Q1. And in our Q1, typically we have more expenses and lower sales. And so Q1 is nearly always a loss for us just from a seasonality standpoint. So that's not a surprise. [The analysts will say] it's a much lower loss than was expected, and a much lower loss than ever before. So that bodes well. What was shown is actually very positive. We're profitable for the year. Wait, who knows, this year anything can happen. But for the last three years, we've been profitable for the year even though Q1's a loss.

 
 
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