Nutanix Inc NTNX shares are trading lower in Monday's after-hours session after the company reported preliminary second-quarter results and issued third-quarter guidance.
What Happened: Nutanix reported preliminary fiscal second-quarter revenue of $486.5 million versus estimates of $464.96 million, according to Benzinga Pro.
Annual contract value billings grew 23% year-over-year and free cash flow margins climbed to record levels.
Nutanix said its results were not audited due to a discovery that certain evaluation software from one of its third-party providers was used for interoperability testing, validation and customer proofs of concept over a multi-year period. The Audit Committee commenced an investigation into this matter, which is still ongoing.
"We delivered a solid second quarter financial performance against an uncertain macro backdrop, underpinned by the strength of our subscription-based business model," said Rajiv Ramaswami, president and CEO of Nutanix.
Nutanix expects third-quarter revenue to be between $430 million and $440 million versus estimates of $425 million. The company sees full-year 2023 revenue in a range of $1.8 billion to $1.81 billion versus estimates of $1.78 billion.
Nutanix provides native hybrid cloud capabilities for businesses. The company will hold a conference call to discuss these results at 4:30 p.m. ET.
NTNX Price Action: Nutanix has a 52-week high of $33.73 and a 52-week low of $13.44.
The stock was down 4.45% after hours at $27.49 at time of publication, according to Benzinga Pro.
Photo: Bethany Drouin from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
