Pure Storage (PSTG) shares tumbled 6.31% in the intraday trading session on Wednesday, despite the company reporting better-than-expected fourth-quarter earnings and revenue.
The data storage company beat analyst estimates for both earnings per share and revenue in the fiscal fourth quarter. However, Pure Storage's guidance for the current quarter fell slightly short of Wall Street expectations, with projected revenue and non-GAAP operating income falling below analyst estimates.
While Pure Storage highlighted its ongoing transformation and surpassing $3 billion in total revenue for the first time, investors appeared to be disappointed by the company's outlook, leading to the significant sell-off in the stock.
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