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Investor Alert

Nov. 21, 2019, 4:36 p.m. EST

Pure Storage stock plunges 23% after earnings miss

Pure Storage Inc. (NYS:PSTG) shares were crushed in the extended session Thursday, plunging 23% after the company did not meet analyst expectations. The software company reported a fiscal third-quarter net loss of $30 million, or 12 cents a share, versus losses of $28.2 million, which also amounts to 12 cents a share in the year-ago period. Revenue rose to $428.4 million from $372.8 million. Adjusted for stock-based compensation, among other things, earnings were 13 cents a share. Analysts surveyed by FactSet had expected adjusted earnings of 23 cents a share on sales of $440.4 million. For the fiscal fourth quarter, analysts predict adjusted earnings of 23 cents a share on sales of $512 million. The company said it expects fourth-quarter revenue of $484 million to $496 million. Pure Storage stock has gained 24% this year, as the S&P 500 index (S&P:SPX) rose 24%.

Link to MarketWatch's Slice.