What's Going On With Pure Storage Stock?

Pure Storage Inc PSTG shares are trading down in extended trading Wednesday after the company reported mixed fourth-quarter financial results

  • Q4 Revenue: $810.21 million missed estimates of $811.13 million
  • Q4 EPS: $0.53 beat estimates of $0.39

Revenue was up 14% year-over-year in the fourth quarter, while full-year revenue came in up 26%. The company also authorized up to $250 million in incremental share repurchases.

"Pure continued to grow faster than the market this year with the industry's most advanced, reliable, and energy-efficient products and services. Despite current macro conditions, we remain confident in our ability to execute, manage costs, and maintain a strong innovation cycle, highlighted by today's introduction of FlashBlade//E," said Charles Giancarlo, chairman and CEO of Pure Storage.

Pure Storage sees full-year 2024 revenue growth in the mid to high single-digit range. 

What Else: Pure Storage announced FlashBlade//E, a scale-out unstructured data repository built to handle exponential data growth with industry-leading energy efficiency. 

FlashBlade//E is expected to be available by the end of April.

See Also: After-Hours Action: Why Box Stock Is Tumbling

PSTG Price Action: Pure Storage shares are down 6.56% after hours at $28.79 at the time of writing, according to Benzinga Pro.

Photo: Courtesy of Pure Storage

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsAfter-Hours CenterMoversCharles Giancarlowhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!