Nutanix stock fell late Thursday after reporting quarterly results that topped estimates but gave an outlook below expectations.
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Nutanix (NTNX) reported revenue of $303.7 million for its fourth quarter ended July 31. That beat the consensus estimate of $298 million. It reported an adjusted loss of 11 cents per share, beating expectations for a 21-cent loss.
Nutanix stock fell 3.3% to 58.80 in after-hours trading on the stock market today after tumbling 8% initially. Nutanix held its initial public offering in September 2016, pricing shares at 16.
Nutanix's software manages network, storage and server infrastructure in private cloud-computing platforms, an emerging market called "hyperconvergence."
For its fiscal first quarter, Nutanix said it expects revenue in the range of $295 million to $310 million. That's below the consensus estimate of $311.8 million.
Shifting Business Model
The company has been shifting to a software business model from selling hardware appliances. Nutanix said first-quarter guidance "reflects a faster removal of pass-through hardware than originally anticipated."
Revenue from software and services rose 49% from the year-ago period to $267.9 million.
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The post Nutanix Stock Falls As Quarterly Earnings Beat But Outlook Misses appeared first on Investor's Business Daily.
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