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BRIEF-Public Storage prices inaugural public offering of senior notes
Public Storage(PSA). * Public Storage(PSA) prices inaugural public offering of senior notes.
Tintri plunges after first post-IPO earnings report
Tintri Inc. dropped more than 9% in late trading Thursday after the company's first earnings report since its initial public offering. The flash-storage company reported a second-quarter net loss of $51.7 million, or $2.05 a share, on revenue of $34.9 million, an improvement from losses of $7.53 a share a year ago on sales of $27.6 million. After adjusting for stock-based compensation, the company claimed a loss of 91 cents a share, up from a loss of $1.03 a share a year ago. Analysts on average expected adjusted losses of 98 cents a share on sales of $35.7 million, according to FactSet. After missing sales expectations, Tintri also disappointed with its forecast, guiding for third-quarter revenue of $36 million to $37 million as analysts were projecting revenue of $42.8 million on average. Tintri, which cut its targeted price and share count ahead of its IPO before pricing shares at the bottom of its range, fell close to $6 a share in late trading after closing with a 1.6% decline at $6.68.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Pure Storage gains after CEO switch, guidance boost
Pure Storage Inc. announced a change at the top along with a slightly more optimistic annual forecast Thursday afternoon, and shares gained in late trading. The enterprise flash-storage company said that Chief Executive Scott Dietzen, who led Pure Storage through its 2015 initial public offering, would step down from the CEO role and transition to chairman. He will be replaced by Charles Giancarlo, previously an executive at Silver Lake Partners and Cisco Systems Inc. , effective immediately. Pure Storage also revealed its earnings for the second quarter and increased its forecast for full-year revenue to a level that suggests the company could hit $1 billion in annual sales for the first time. The company reported a net loss of $61.7 million, or 29 cents a share, on revenue of $224.5 million, up 38% from $163.2 million in the year-ago quarter. After adjusting for stock-based compensation and other effects, Pure Storage claimed a loss of 11 cents a share after reporting adjusted quarterly losses of 16 cents a share a year ago. Analysts on average expected an adjusted loss of 5 cents a share on sales of $218.1 million. Pure Storage also added $10 million to the bottom of its projected revenue range for the full year, which is now $985 million to $1.025 billion. Pure Storage shares gained more than 4% in after-hours actions following the report, after closing the regular session with a 0.8% decline at $12.56.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Public Storage reports Q2 earnings per share $1.59
* Public Storage reports results for the three and six
months ended June 30, 2017