Pure Storage Inc (NYSE:PSTG) shares are trading lower Wednesday despite reporting third-quarter financial results that met earnings expectations and beat revenue estimates, while also raising its full-year guidance.

What Happened: Pure Storage reported quarterly earnings of 58 cents per share, which met the analyst consensus estimate, representing a 16% increase from 50 cents per share in the same period last year.

The company reported quarterly sales of $964.45 million, which beat the analyst consensus estimate of $956.13 million.

Revenue of $964.5 million increased 16% year-over-year, with subscription services revenue of $429.7 million up 14% year-over-year. Subscription annual recurring revenue reached $1.8 billion, up 17% year-over-year, while remaining performance obligations totaled $2.9 billion, up ...