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
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-31-23 1733ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Is It Time to Ditch Your Money Market Fund for Longer-Term Bonds?
-
What’s Happening In the Markets This Week
-
4 Reasons Why Today’s Stock Market Is Delivering Impressive Performance
-
What Does Nvidia’s Stock Split Mean for Investors?
-
5 Undervalued Stocks to Buy as Their Stories Play Out
-
Markets Brief: Return of the Meme Stocks
-
It’s Been a Terrible Time for Bonds. Here’s Why You Should Own Them
-
Which AI Stocks Are Turning Hype Into Revenue?
-
Tesla: Shareholder Vote Reduces Key Person Risk
-
After Earnings, Is CrowdStrike Stock a Buy, a Sell, or Fairly Valued?
-
Adobe’s Strong Quarterly Results Drive Share Gains
-
What Does Broadcom’s Stock Split Mean for Investors?
-
5 Ultracheap Stocks to Buy With the Best Returns on Investment
-
Broadcom Earnings: AI Sales Growth Accelerates
-
Oracle Earnings: IaaS Signings More Than Make Up for Miss
-
This Undervalued Stock Is a Buy After Its Dividend Increase