Pure Storage stock up 10% as a result, top Street View outlook

Pure Storage Inc. shares rallied in Wednesday’s extended session after the flash-based data storage company’s results and outlook beat Wall Street estimates.

PureStorage PSTG,
Shares were up 10% after the close after rising 1.2% in the regular session to close at $24.01.

The company reported a loss of $11.5 million, or 4 cents a share, for the first quarter, compared to a loss of $84.2 million, or 30 cents a share, in the year-ago period.

Adjusted earnings, which exclude stock-based compensation expense and other items, were 25 cents per share compared to breakeven per share in the prior-year period.

Revenue increased to $620.4 million from $412.7 million in the year-ago quarter.

Analysts polled by FactSet had forecast 4 cents a share on sales of $521.7 million.

Pure Storage forecast revenue of approximately $635 million for the second quarter and approximately $2.66 billion for the year.

Analysts estimate earnings per share at 16 cents on revenue of $604.6 million for the second quarter and 83 cents a share on revenue of $2.59 billion for the year.

https://www.marketwatch.com/story/pure-storage-stock-rallies-10-as-results-outlook-top-street-view-11654115927?rss=1&siteid=rss Pure Storage stock up 10% as a result, top Street View outlook

Brian Lowry

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