Pure Storage Net Loss Narrows, Reports Record Revenue
November 28 2017 - 5:34PM
Dow Jones News
By Aisha Al-Muslim
Storage technology provider Pure Storage Inc. (PSTG) reported a
narrower net loss and record revenue for its third quarter, beating
analysts' expectations as the company tries to reach
profitability.
The Mountain View, Calif.-based company reported a net loss of
$41.6 million, or 20 cents a share, up from a net loss of $78.8
million, or 40 cents a share, a year earlier.
On an adjusted basis, Pure Storage reported a loss of $1.9
million, or 1 cent a share, down from $20 million, or 10 cents.
Revenue for the flash memory-based storage technology vendor
jumped 41% to $277.7 million. Pure Storage's platform offers data
storage and artificial intelligence capabilities.
Analysts polled by Thomson Reuters had forecast an adjusted
per-share loss of 3 cents on $272.7 million in revenue.
The company also narrowed its full-year fiscal 2018 revenue
forecast to $1.01 billion to $1.02 billion from $985 million to
$1.03 billion.
The latest quarterly report was the first since Charles
Giancarlo, previously an executive at private-equity firm Silver
Lake Partners LP and Cisco Systems Inc., began serving as chief
executive. Mr. Giancarlo replaced former CEO Scott Dietzen, who led
Pure Storage through its 2015 initial public offering. Mr. Dietzen
stepped down from the CEO role in August and transitioned to
chairman.
Shares in Pure Storage fell 2.4% to $18.57 in after-hours
trading.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
November 28, 2017 17:19 ET (22:19 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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