Pure Storage Stock Drops 20.8% Amid Profit-Taking
AI Summary1 min read
TL;DR
Pure Storage stock dropped 20.8% due to profit-taking despite strong revenue growth and raised guidance for FY22, with net income declining slightly.
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Pure Storagestock dropprofit-takingrevenue growthFY22 guidance
Pure Storage (PSTG) fell 20.8% last week as investors took profits after the company's upbeat growth outlook for FY22. Total revenues jumped 16% to $964mln, while net income declined 13.8% to $54.8mln. Pure Storage raised its growth guidance for revenues to $3.63-$3.64bln, a 14.5%-14.9% YoY increase. For Q4, revenues are expected to be $1.02-$1.04bln, a 16.5%-17.6% growth.
