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UPDATE 1-Cloud computing firm Nutanix posts smaller-than-expected loss
November 29, 2016 / 9:57 PM / in a year

UPDATE 1-Cloud computing firm Nutanix posts smaller-than-expected loss

(Compares results with estimates, adds details, background, shares)

Nov 29 (Reuters) - Cloud data-storage firm Nutanix Inc reported a smaller-than-expected loss in the company’s first quarterly results since its initial public offering in September.

Excluding items, the company reported a loss of 37 cents per share for the first quarter, smaller than the average analyst loss estimate of 44 cents, according to Thomson Reuters I/B/E/S.

Nutanix, which has been unprofitable for the past few years, said it expects revenue at between $175 million and $180 million in the current quarter. Analysts on average were expecting $168.38 million.

The company, whose customers include AT&T Inc, Best Buy Co Inc, Yahoo Inc and Hyundai Corp , added about 705 end-customers during the first quarter, taking its total customer count to 4,473.

Nutanix’s net loss widened to $162.17 million, or $2.18 per share, in the quarter ended Oct. 31, from $38.54 million, or 90 cents per share, a year earlier.

Total revenue, however, nearly doubled to $166.8 million, which also beat an estimate of $152.25 million.

Product revenue, which accounts for more than 75 percent of the total revenue, jumped 84.2 percent to $129.66 million.

The company’s shares have soared 41 percent this month. The stock was down 3.2 percent in extended trading on Tuesday. (Reporting by Rishika Sadam in Bengaluru; Editing by Maju Samuel)

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