Nutanix’s stock inches up on solid earnings and revenue beat and growing customer acquisitions
Hyperconverged cloud infrastructure company Nutanix Inc. delivered a mostly upbeat earnings report today, easily beating estimates on profit and revenue, and investors liked the news as the company’s stock gained more than 5% after-hours.
Nutanix reported fiscal third-quarter earnings before certain costs such as stock compensation of 47 cents per share, blowing past Wall Street’s target of 35 cents per share. Revenue for the quarter came to $703 million, up 10% from the same period one year ago and well ahead of the $686.4 million analyst estimate.
Disappointingly, though, Nutanix’s bottom line slipped, with net income coming to $63.4 million at the end of the quarter, down from $72.1 million a year earlier.
Chief Executive Rajiv Ramaswami (pictured) highlighted “solid demand” during the quarter, which resulted in especially strong bookings and good free cash flow performance. “We also announced significant new innovations and partnerships in the areas of AI, modern applications and support for external storage, which will help us pursue the substantial market opportunity in front of us,” he said.
