Pure Storage shares dip 6% on Q3 results

Published: Nov. 24, 2020 at 4:22 p.m. ET

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Jon Swartz

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PSTG

+0.35%

SPX

+1.61%

Pure Storage Inc. PSTG, +0.35% shares were down 6% in after-hours trading Tuesday after the flash-based storage provider reported fiscal third-quarter results. Pure Storage reported a net loss of $74.2 million, or 28 cents a share, compared with a net loss of $29.9 million, or 12 cents a share, in the year-ago quarter. Revenue declined 4% to $410.6 million from $428.4 million a year ago. "We continued to experience a strong enterprise segment as the COVID crisis caused emergency buying," Pure Storage Chief Executive Charlie Giancarlo told MarketWatch. Analysts surveyed by FactSet had expected Pure Storage to break even on revenue of $407 million. Pure Storage shares are up 15% this year. The broader S&P 500 index SPX, +1.61% has improved 12.5% in 2020.

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Jon Swartz

Jon Swartz is a senior reporter for MarketWatch in San Francisco, covering many of the biggest players in tech, including Netflix, Facebook and Google. Jon has covered technology for more than 20 years, and previously worked for Barron's and USA Today. Follow him on Twitter @jswartz.