Pure Storage Stock Drops 20.8% Amid Profit-Taking

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.