Pure Storage (NYSE:PSTG) released its third-quarter financial results, surpassing expectations with an earnings per share (EPS) of $0.50, which is higher than the consensus estimate of $0.40. The company also reported a year-over-year revenue growth of 13%, reaching $762.8 million and slightly exceeding the anticipated $761.49 million.

Despite these positive results, Pure Storage's shares experienced a significant drop of over 13% intra-day today. This decline was attributed to the company's guidance for the upcoming quarter, which was less favorable than expected.

For the fourth quarter of fiscal year 2024, Pure Storage projects revenue to be around $782 million, which falls short of the Street estimate of $919.4 million.