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Pure Storage stock heads to record after Q3 earnings, raised outlook

Economy, Finance

Shares of Pure Storage Inc. rallied 10% in the extended session Tuesday and headed to a record after the tech company reported fiscal third-quarter sales well above Wall Street expectations and raised its outlook, saying rising customer demand fueled its performance. Pure Storage said it lost $29 million, or 10 cents a share, in the quarter, compared with a loss of $74 million, or 28 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned 22 cents a share, beating expectations of 12 cents a share. Revenue rose 37% to $563 million and above FactSet consensus for $531 million. The company raised its fiscal-year 2022 revenue outlook to $2.1 billion. The stock ended the regular trading day down 0.7%.

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