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Pure Storage Inc. Class A (PSTG+1.44%) has submitted its 10-Q filing for the quarterly period ended November 3, 2024.
The filing details revenue for the third quarter of fiscal 2025, which increased to $831.1 million from $762.8 million in the same quarter the previous year. This growth was driven by an increase in subscription services revenue, which rose by 22% to $376.3 million.
Product revenue remained relatively stable, with a slight increase to $454.7 million from $453.3 million in the previous year. The company noted that the sales of its FlashBlade//E, FlashArray//E, and FlashArray//C solutions contributed to this stability.
Cost of revenue for the quarter increased to $248.2 million from $210.1 million in the same quarter of the previous year. This increase was attributed to higher component costs and support for a growing subscription services base.
Operating expenses rose to $523.2 million from $478.5 million, reflecting increased investments in research and development and sales and marketing efforts.
Pure Storage reported a net income of $63.6 million for the quarter, compared to $70.4 million in the same period last year. The company attributed the decrease to higher operating expenses.
Cash provided by operating activities was $545.1 million, while cash used in investing and financing activities was $93.5 million and $256.4 million, respectively.
At the end of the quarter, Pure Storage had cash, cash equivalents, and marketable securities totaling $1.6 billion.
The company highlighted a significant design win with a major hyperscaler, which is expected to contribute to future revenue growth.
Pure Storage continues to focus on expanding its subscription services and enhancing its product offerings to meet evolving customer needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pure Storage Inc. Class A quarterly 10-Q report dated December 12, 2024. To report an error, please email earnings@qz.com.