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Why Pure Storage's Stock Is Trading Lower Today

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Why Pure Storage's Stock Is Trading Lower Today

Pure Storage (NYSE: PSTG) shares are trading lower on Wednesday after the company reported second-quarter earnings results on Tuesday. It did not provide formal guidance but noted its current view of third-quarter total revenue will approximately be flat.

Pure Storage reported quarterly earnings of 6 cents per share, which beat the analyst consensus estimate of 1 cent. The company reported quarterly sales of $403.70 million, which beat the analyst consensus estimate of $395.34 million.

Pure Storage is a U.S.-based company that provides an enterprise data storage platform that transforms business through a dramatic increase in performance and reduction in complexity and costs. Its services include Purity Operating Environment, which is its flash-optimized software, FlashArray, its modular and scalable all-flash array hardware and Pure1, its cloud-based management, and support.

Pure Storage shares were trading down 11.58% at $14.81 at the time of publication on Wednesday. The stock has a 52-week high of $20.50 and a 52-week low of $7.93.

 

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