Pure Storage Plunges After Earnings

Pure Storage Inc. fell as much as 11% in late trading Wednesday after reporting earnings that beat expectations but coming up short in its forecast for the current quarter. The flash-storage firm reported a net loss of $42.9 million, or 21 cents a share, on sales of $227.9 million. After adjustments for stock-based compensation and other effects, Pure Storage claimed a loss of 2 cents a share. Analysts on average expected adjusted losses of 8 cents a share on sales of $224.5 million, according to FactSet. For the current quarter, though, Pure Storage predicted revenue of $171 million to $179 million, well short of analysts' average forecast of $201 million, according to FactSet. Pure Storage was more in line with analysts' forecasts for the full fiscal year, predicting revenue of $975 million to $1.025 billion, while FactSet reports analysts on average projecting sales of $1.01 billion.