A previous version said Pure Storage missed analyst expectations. In fact, it beat them.
Pure Storage Inc. shares fell 4% in the extended session Monday after the company beat analyst expectations for the bottom line. The flash memory company's stock closed down a fraction to $23.61 during regular trading. The company reported first-quarter net losses of $64.3 million, or 29 cents a share, compared with net losses of $57.2 million, or 28 cents a share, in the year-ago period. Adjusted losses were 7 cents a share. Revenue rose to $255.9 million from $182.6 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted losses of 12 cents a share on revenue of $251 million. For the second quarter, analysts model adjusted losses of 6 cents a share on sales of $299 million; Wall Street models full-year sales of $1.34 billion. The company said it expected second-quarter sales of $296 million to $304 million and full-year sales of $1.32 billion to $1.38 billion. Pure Storage stock has gained 49% this year, with the S&P 500 index rising 1.5%.