Earnings Results: Nutanix rallies after topping Street estimates

Earnings Results: Nutanix rallies after topping Street estimates

27 Aug    Finance News

Nutanix Inc. NTNX, +0.27% shares surged in the extended session Thursday after the cloud-software company reported a narrower-than-expected loss, topped revenue expectations, announced a large private equity investment, and said its chief executive was retiring.

Nutanix shares surged 16% after hours, following a 0.3% rise in the regular session to close at $21.70.

The company reported a fiscal fourth-quarter loss of $185.3 million, or 93 cents a share, compared with a loss of $194.3 million, or $1.04 a share, in the year-ago period. The adjusted loss, which excluded stock-based compensation and other items, was 39 cents a share, compared with a loss of 57 cents in the year-ago period.

Revenue rose to $327.9 million from $299.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 67 cents a share on revenue of $320 million.

Nutanix also said that co-founder and CEO Dheeraj Pandey plans to retire as soon as a successor is named.

Additionally, Nutanix said Bain Capital Private Equity will invest $750 million in convertible notes that will have an initial conversion price of $27.75 per share to support the company’s growth initiatives.

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