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Pure Storage shares erase double-digit gains despite earnings beat

Pure Storage FlashArray
Source: Pure Storage | YouTube

Shares of Pure Storage stumbled in intraday trade after spiking 13 percent premarket on Friday, following better-than-expected second-quarter earnings.

While the flash-based storage company posted adjusted earnings per share at a loss of $0.16, it was less than the estimated loss of $0.23. Revenues of $163 million beat analyst forecasts of $155 million, driven by repeat purchase rates and growing sales to international customers.

Demand from cloud customers also contributed to earnings growth, which "accounts for 25 percent of [Pure Storage's] business," said CEO Scott Dietzen in a statement.