10 Stocks Drop by Double Digits Mostly Due to Disappointing Earnings

7. Pure Storage Inc. (NYSE:PSTG)

Pure Storage fell by 14.8 percent on Thursday to end at $53.20 apiece as investors sold off on the company’s disappointing earnings performance last year, shunning its optimistic outlook for this year.

In a statement, PSTG said net income in the fourth quarter dropped by 35 percent to $42.4 million from $65.4 million, despite revenues growing by 11 percent to $879.8 million from $789.8 million.

Meanwhile, net income during the full year increased by 75 percent to $106.7 million from $61 million a year earlier. Revenues also grew by 12 percent to $3.168 billion from $2.83 billion year-on-year.

For the next quarter, PSTG expects revenues to settle at $770 million or a growth rate of 11 percent year-on-year, while revenues for the next full year were pegged at $3.5 billion or an 11 percent increase from last year.