Shares of data and analytics company Pure Storage (PSTG) tumbled nearly 20% on Wednesday after the flash-storage producer reported a fiscal first-quarter loss that was wider than analysts' forecasts and cut its full-year earnings guidance.
Pure Storage stock was down 19.71%, or $4.06, at $16.54 on the New York Stock Exchange after posting a fiscal first-quarter loss of $100.3 million, or 41 cents a share, vs. a loss of $64.3 million, or 29 cents a share, in the comparable year-earlier quarter.
Sales came in at $326.7 million, up from $255.9 million a year ago.
After adjusting for stock-based compensation and other effects, Pure Storage reported a loss of 11 cents a share. Analysts polled by FactSet had been expecting adjusted losses of 8 cents a share on sales of $333 million.
Separately, Pure Storage said it now expects fiscal second-quarter revenue in the range of $389 million to $401 million, and non-GAAP operating margin in the range of dpwn 5% to down 1%. For the full year, it now expects sales of $1.7 billion to $1.77 billion, with an adjusted operating margin of 1.5% to 5.5%.
The company had been projecting full-year sales of $1.74 billion to $1.81 billion with an adjusted margin of 3% to 7%.