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Earnings Results: Pure Storage stock rallies 10% as results, outlook top Street view

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

Pure Storage
PSTG,
+1.18%

shares rallied 10% after hours, following a 1.2% rise in the regular session to close at $24.01.

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

Adjusted earnings, which exclude stock-based compensation expenses and other items, were 25 cents a share, compared with break-even a share in the year-ago period.

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

Analysts surveyed by FactSet had forecast 4 cents a share on revenue of $521.7 million.

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

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

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