Why Pure Storage Shares Plunged 18.3% Today
Data-storage company Pure Storage (NYSE: PSTG) fell as much as 18.3% in trading Thursday after reporting fiscal third-quarter 2024 financial results. Shares closed the day down 12.2% and were steady most of the day.
It wasn't the quarterly results investors were disappointed in. Revenue was up 13% from a year ago to $762.8 million and beat analyst estimates of $761 million. Earnings of $0.50 per share were also ahead of the $0.40 that was expected. Management also said remaining performance obligations were up 30% to $2.0 billion.
But guidance was a different story. Management expects $782 million in revenue and non-GAAP operating income of $150 million for the fourth quarter of fiscal 2024, and analysts were looking for $919 million in revenue.
Source Fool.com
