Shares in cloud software firm Nutanix Inc (NASDAQ:NTNX) shot up over 8% in pre-market deals as its first quarter numbers beat expectations.
In the three months in question, the firm reported earnings of a loss of 16 cents per share, which sailed past consensus estimates of a loss of 26 cents a share.
The numbers are in and it’s another strong quarter for Nutanix! Federal momentum and large deals drove 46% YoY growth in Q1 2018. Big things to come with software-centric business model shift.https://t.co/oxl40KKE3m. pic.twitter.com/ENGwEvFuwT
— Nutanix Inc. (@nutanix) 30 November 2017
Revenues came in at US$275.6 million, which also beat estimates for a figure of US$266.73 million. Revenues are growing at a rate of 46% per year.
Operating cash flow is US$10.1 million, compared to $4.2 million in the first quarter of fiscal 2017.
Billings came in at US$315.3 million, an increase of 32% compared to the same time last year, while customer numbers also grew - ending the first quarter with 7,813 customers.
"While we will be focusing even more intently on selling software going forward, it's worth noting what the past twelve months would have looked like had we chosen not to bill any pass-through hardware-related transactions.
"Nutanix would have recorded nearly $800 million in pure software and support billings and delivered gross margins above 80%, while continuing to be a leader in very large market," said finance chief Duston Williams.
"Looking forward, we expect continued strong top line growth in the remainder of fiscal 2018," he added.
Shares added over 8% to US$32.80 each.