Results, forecast lift Pure Storage stock after hours

Shares of data-storage software provider Pure Storage Inc. (PSTG) rallied after hours on Wednesday after the company reported first-quarter results that beat expectations and gave an upbeat financial outlook. The company reported a net loss of $67.4 million, or 22 cents a share, compared with $11.5 million, or 4 cents a share, in the same quarter last year. Pure Storage reported revenue of $589.3 million, compared with $620.4 million in the prior-year quarter. Adjusted earnings came in at 8 cents a share, compared with 25 cents a year ago. Analysts polled by FactSet expected adjusted earnings of 4 cents a share, on $559.8 million in sales. Pure Storage forecast $680 million in sales for its second quarter, above estimates for $658 million, and "mid-to-high single-digit" sales growth for its full year. For the full year, FactSet forecast sales growth of 6.2%. Shares rose 7% after hours.

-Bill Peters

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05-31-23 1733ET

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