Pure Storage stock rises 9% after earnings and forecast beat expectations

Shares of Pure Storage Inc. rose more than 9% in after-hours trading after the data services company reported better-than-expected results for the fourth quarter, released guidance ahead of expectations and launched a new buyback program.

Pure Storage PSTG, +0.31% reported fourth-quarter revenue of $708.6 million, up from $502.7 million a year earlier. Analysts polled by FactSet expected revenue of $631 million.

Executives also said they expect revenue for the current fiscal year to total $2.6 billion. Analysts were looking for $2.48 billion.

The company said its board has authorized a new $250 million share repurchase program. In February 2021, Pure Storage’s board authorized a $200 million buyback program and the company said Wednesday it exhausted that authorization in its fiscal 2022, including buying back $69 million shares in the fourth quarter.

Pure Storage’s shares closed Wednesday at $26.50, up 4%. The stock is down nearly 19% so far this year.

Write to Robert Barba at robert.barba@wsj.com