UPDATE: Pure Storage shares dip 6% on Q3 results
Pure Storage Inc. (PSTG) shares were down 6% in after-hours trading Tuesday after the flash-based storage provider reported fiscal third-quarter results. Pure Storage reported a net loss of $74.2 million, or 28 cents a share, compared with a net loss of $29.9 million, or 12 cents a share, in the year-ago quarter. Revenue declined 4% to $410.6 million from $428.4 million a year ago. "We continued to experience a strong enterprise segment as the COVID crisis caused emergency buying," Pure Storage Chief Executive Charlie Giancarlo told MarketWatch. Analysts surveyed by FactSet had expected Pure Storage to break even on revenue of $407 million. Pure Storage shares are up 15% this year. The broader S&P 500 index has improved 12.5% in 2020.
-Jon Swartz; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 24, 2020 16:22 ET (21:22 GMT)
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