Pure Storage reported fourth-quarter results late Wednesday that missed estimates on the top and bottom lines. PSTG stock plunged.
The company reported adjusted earnings of 36 cents a share on revenue of 810.2 million. Analysts expected Pure Storage to report adjusted income of 39 cents a share on revenue of $812 million. Revenue grew 14% from the year-ago period.
PSTG stock dropped 7% to 26.75 during after-market action on the stock market today.
Pure Storage makes high-speed storage systems for businesses and cloud computing using all-flash chip technology.
"We are confident that we will navigate the current macro backdrop, while focusing on our commitment to deliver long-term, profitable growth," Chief Financial Officer Kevan Krysler said in a written statement with the Splunk earnings release.
"Despite current macro conditions, we remain confident in our ability to execute, manage costs, and maintain a strong innovation cycle," added Chief Executive Charles Giancarlo.
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