Nutanix beats market expectations for Q3

The company reported a record number of large deals for the quarter and revenue up 67 percent year over year.
Written by Stephanie Condon, Senior Writer

Nutanix reported its third quarter financial results Thursday, beating market expectations.

The company reported a non-GAAP net loss of $60.8 million or 42 cents per share. That's compared to a non-GAAP net loss of $40.4 million, or 33 cents per share, in Q3 of fiscal 2016. Revenue came to $191.8 million, up 67 percent year over year.

Wall Street was looking for an adjusted loss of 45 cents a share on revenue of $186.5 million.

Billings for the quarter totaled $234.1 million, up 47 percent year over year.

The company highlighted its record number of large deals, landing 34 customers with deals over $1 million in the quarter. Nutanix ended the quarter with 6,172 end-customers, adding approximately 790 new end-customers. Some of its major customers include Caterpillar Inc., SAIC Volkswagen, and Sprint.

In a statement, CEO Dheeraj Pandey also highlighted Nutanix's expanding market opportunity with HPE, Cisco, and IBM hardware.

"We continue to execute on our strategy of building a cloud operating system that provides our customers maximum choice of hardware platforms," Pandey said. "Our third quarter results reflect our continued focus on the Global 2000 as well as a measurable improvement in the number of larger deals in the quarter, particularly in North America."

For Q4 2017, the company expects a non-GAAP net loss per share of 38 cents on revenue between $215 and $220 million.

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