Pure Storage Net Loss Narrows, Reports Record Revenue

Storage technology provider Pure Storage Inc. (PSTG) reported a narrower net loss and record revenue for its third quarter, beating analysts' expectations as the company tries to reach profitability.

The Mountain View, Calif.-based company reported a net loss of $41.6 million, or 20 cents a share, up from a net loss of $78.8 million, or 40 cents a share, a year earlier.

On an adjusted basis, Pure Storage reported a loss of $1.9 million, or 1 cent a share, down from $20 million, or 10 cents.

Revenue for the flash memory-based storage technology vendor jumped 41% to $277.7 million. Pure Storage's platform offers data storage and artificial intelligence capabilities.

Analysts polled by Thomson Reuters had forecast an adjusted per-share loss of 3 cents on $272.7 million in revenue.

The company also narrowed its full-year fiscal 2018 revenue forecast to $1.01 billion to $1.02 billion from $985 million to $1.03 billion.

The latest quarterly report was the first since Charles Giancarlo, previously an executive at private-equity firm Silver Lake Partners LP and Cisco Systems Inc., began serving as chief executive. Mr. Giancarlo replaced former CEO Scott Dietzen, who led Pure Storage through its 2015 initial public offering. Mr. Dietzen stepped down from the CEO role in August and transitioned to chairman.

Shares in Pure Storage fell 2.4% to $18.57 in after-hours trading.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

November 28, 2017 17:19 ET (22:19 GMT)