Pure Storage shares rally on surprise profit
Pure Storage Inc. PSTG, +1.01% shares rallied in the extended session Tuesday after the flash-based data storage company posted an unexpected adjusted profit for the quarter. Pure Storage shares surged 8.4% after hours, following a 1% gain to close the regular session at $22.01. The company reported a second-quarter loss of $60.1 million, or 26 cents a share, compared with a loss of $58.4 million, or 28 cents a share, in the year-ago period. Adjusted earnings were a penny a share. Revenue rose to $308.9 million from $224.7 million in the year-ago period. Analysts surveyed by FactSet had estimated a loss of 6 cents a share on revenue of $301.3 million. Pure Storage estimates revenue of $361 million to $369 million for the third quarter, and $1.35 billion to $1.38 billion for the year. Analysts expect revenue of $363 million for the third quarter, and $1.36 billion for the year. Pure Storage also announced it acquired privately-held, Sunnyvale, Calif.-based data-management software company StorReduce for an undisclosed amount.
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