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Cloud Computing Firm Nutanix Posts Smaller-Than-Expected Loss

November 29, 2016

NC: Corporations In North CarolinaNC: Corporations In North Carolina
Nutanix office in Durham, North CarolinaPhotograph by Kristoffer Tripplaar—AP

Data center hardware firm Nutanix reported a smaller-than-expected loss in the company’s first quarterly results since its initial public offering in September.

Excluding items, the company reported a loss of 37 cents per share for the first quarter, smaller than the average analyst loss estimate of 44 cents, according to Thomson Reuters.

Nutanix (NTNX), which has been unprofitable for the past few years, said it expects revenue at between $175 million and $180 million in the current quarter. Analysts on average were expecting $168.38 million.

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The company, whose customers include AT&T (T), Best Buy (BBY), Yahoo (YHOO) and Hyundai (HYMTF), added about 705 end-customers during the first quarter, taking its total customer count to 4,473.

Nutanix’s net loss widened to $162.17 million, or $2.18 per share, in the quarter ended Oct. 31, from $38.54 million, or 90 cents per share, a year earlier.

Total revenue, however, nearly doubled to $166.8 million, which also beat an estimate of $152.25 million.

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Product revenue, which accounts for more than 75% of the total revenue, jumped 84.2% to $129.66 million.

The company’s shares have soared 41% this month. The stock was down 3.2% in extended trading on Tuesday.