Home / Market News / Pure Storage shares dip 2% on Q3 results

Pure Storage shares dip 2% on Q3 results

Pure Storage Inc. shares were down 2% 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.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Read Full Story