Pure Storage Climbs 8% On Earnings, Outlook Better Than Estimates

Shares of technology and data storage solutions provider Pure Storage, Inc. (PSTG) are up more than 8% in the morning trade on Wednesday after reporting better-than-expected third-quarter earnings. The company also raised its full-year sales outlook, higher than the consensus estimate.

Pure Storage reported net loss of $28.73 million or $0.10 per share, narrower than net loss of $74.22 million or $0.28 per share in the same quarter a year ago.

Excluding one-time items, the company reported earnings of $0.22 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.12 per share.

Revenue for the quarter increased 37% year-over-year to $562.74 million.

For the full-year, the company has raised its revenue outlook to $2.1 billion from $2.04 billion. The consensus estimate stands at $2.04 billion.

Further, Pure Storage sees fourth-quarter revenue to be $630 million. Analysts see revenue of $602.24 million.

PSTG touched a new high of $30.88 this morning, before slipping to trade at $29.68 currently.

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