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Nutanix Q1 tops estimates on strong subscription revenue growth

Nutanix said subscription revenue was up 104 percent year-over-year to $127 million.
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Written by Natalie Gagliordi, Contributor on

Software defined data center player Nutanix delivered strong first quarter results, with revenue on the up amid the company's shift towards a subscription business model.

The company reported a first quarter non-GAAP net loss of 13 cents a share on revenue of $313.3 million. Wall Street was expecting a net loss of 27 cents a share on revenue of $305.26 million.

Also: Nutanix announces new storage, compute services

For the second quarter, Nutanix projected a non-GAAP net loss of 25 cents a share with revenue between $325 million to $335 million. Wall Street was expecting a loss of 26 cents a share on revenue of $2326 million. Shares of Nutanix were up nearly 10 percent after hours.

Also: Nutanix launches management stack for multiple clouds

Nutanix said subscription revenue was up 104 percent year-over-year to $127 million. The company's chief executive Dheeraj Pandey said the results "prove that our core business continues to grow strongly and put us on a solid path to meet our goal of at least $3 billion in software and support billings by 2021."

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Elsewhere on the balance sheet, Nutanix's software and support revenue came to $280.7 million, up 44 percent year-over-year. Billings for the quarter totaled $383.6 million, up from $315.3 million the year prior. Nutanix said it ended Q1 with 11,490 end-customers.

Previous and related coverage:

Mixed bag of tech outlooks from Autodesk, Nutanix, and Splunk

Enterprise software players delivered a mixed bag of guidance even amid strong quarters overall.

Nutanix buys app discovery startup Netsil

The software-defined data center player plans to use Netsil's technology to bolster the Nutanix Enterprise Cloud Platform.

Nutanix to buy Minjar, makers of cloud management service Botmetric

The deal was announced in tandem to Nuntanix's second quarter financial results.

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