Charles Giancarlo, Pure Storage CEO, joins CNBC’s ‘Closing Bell Overtime’ on Aug. 27, 2025.
CNBC
Pure Storage shares jumped over 30% on Thursday and headed for a record close after the data storage management vendor reported quarterly results that topped estimates and lifted its guidance for the year.
Wall Street was particularly enthused about the early success of the company’s deal with Meta.
In March, Pure announced it had secured an agreement with Meta to be the social media company’s “key storage provider.” That came three months after Pure teased a new contract with an unnamed “top four” AI hyperscaler. The deal was viewed as a huge win for Pure, as internet giants search for ways to meet their burgeoning storage needs due to artificial intelligence with greater cost and energy efficiency.
Pure started recognizing revenue from its Meta deployments during its second quarter, the company said on its Wednesday call with analysts. The company had expected to deploy 1 to 2 exabytes with Meta by the end of the fiscal year, and said Wednesday that “we are now increasingly confident about the assumption,” adding that it could go further. An exabyte is equal to 1 billion gigabytes.
“Our relationship with Meta continues to advance,” finance chief Tarek Robbiati, who was named to the post in June, said on the earnings call. Robbiati added that the company is seeing “increased interest from other hyperscalers” looking to replace their traditional storage with Pure’s technology.
For the second quarter, Pure reported revenue growth of 13% to $861 million, topping the $846.9 million average analyst estimate, according to LSEG. Adjusted earnings per share of 43 cents exceeded the 39-cent average analyst estimate.
Pure raised its revenue guidance for the year to between $3.6 billion and $3.63 billion from $3.52 billion.
Pure CEO Charles Giancarlo, a former top executive at Cisco who joined the storage company in 2017, said on the earnings call that the rollout with Meta is “right on time and on target.”
And in an interview with CNBC’s “Closing Bell Overtime” ahead of the call, Giancarlo said that while the company has been selling to the enterprise since its founding about 15 years ago, it’s more recently been targeting the hyperscalers.
“We believe that will continue to scale in the years ahead,” he said, regarding the new business. Giancarlo said the key is Pure’s ability to more efficiently manage space, power and cooling.
“With power being at such a premium, the ability to use less power on storage and therefore be able to use more power for things such as AI becomes very, very interesting” he said.
Pure’s rally on Wednesday lifted its market cap to $26 billion, and boosted its stock to a record high, surpassing its prior peak in January. The stock had its third-best day ever in December, when it jumped 22% after the company announced, alongside earnings, that it had landed its first hyperscaler customer.
