Pure Storage’s stock gains 3% after revenue and earnings beat, solid guidance

Pure Storage Inc.’s
PSTG,
+1.03%
stock initially climbed 3% in extended trading Wednesday after the company reported quarterly results. Pure Storage reported a fiscal second-quarter net loss of $7.1 million, or 2 cents a share, compared with net income of $10.9 million, or 3 cents a share, in the year-ago quarter. Adjusted earnings were 34 cents a share. Revenue inched up to $688.7 million from $646.8 million a year ago. Analysts surveyed by FactSet had expected on average net income of 28 cents a share on revenue of $682 million. Pure Storage executives offered revenue guidance of $760 million for the third quarter, exceeding analysts’ estimates of $757 million. Shares of Pure Storage have soared 36% this year, while the broader S&P 500 index
SPX,
+0.22%
has increased 17%.