Pure Storage Shares Gain After Company Narrows Quarterly Loss

Pure Storage Inc. shares jumped nearly 6% late Wednesday after the Mountain View, Calif., storage company narrowed a quarterly loss. Pure Storage said it lost $44.3 million, or 23 cents a share, in the fourth quarter, compared with a loss of $47.6 million, or $1.52 a share, in the year-ago period. Revenue reached $150.2 million, from $65.9 million in the year-ago quarter. Adjusted for one-time items, the company said it lost 12 cents a share, from an adjusted loss of 26 cents a share in the fourth quarter of 2015. Analysts polled by FactSet had expected the company to report a loss of 16 cents a share on sales of $139 million. The company debuted on the New York Stock Exchange in October at an initial public offering issue price of $17.