There is no doubt storage companies and the storage market is doing very well, however, for a company with 66% (GAAP) margin to not being profitable after almost a decade, well, that's becoming a problem.
50% of Pure's costs are SG&A and their R&D is 35% of sales! Also stock compensation increased by 10%!
Folks, these are incredibly large numbers and not normal for a company that's been around for a decade with over $1bln revenue.
Lastly, explain to me what is Pure's technical advantage over their peers other than marketing very aggressively? I believe the market noose around Pure's neck will be getting tighter and tighter and If they slip below 30% growth there will be a bloodbath.