Home Financial Markets Why Nutanix, Inc. (NTNX) stock is gloomy today?

Why Nutanix, Inc. (NTNX) stock is gloomy today?

Shares of the Nutanix, Inc. (NTNX) stock were gloomy today on May 27, 2021, after recording a rise of 2.10% at previous closing in response to the announcement of third-quarter 2021 financial results. NTNX stock price saw a downtrend of 0.32% to drop at $31.52 a share at the time of this writing. Let’s deep dive to explore more of it.

Third Quarter Financial Results:

  • The revenue for the NTNX stock reached $344.5 million for the third quarter of 2021 as compared to $318.3 million in the same quarter of the prior year representing 8% yearly growth.
  • GAAP gross margin and non-GAAP gross margin for NTNX stock were 78.4% and 81.7% in the reported quarter while these were $77.3% and 80.7% respectively in the same tenure of the prior year.
  • GAAP operating expenses were totaled $450.6 million in Q3 2021 representing a 5% decrease as compared to $476.2 million in the Q3 of 2020.
  • Non-GAAP operating expenses for NTNX stock were reduced by 7% to drop at $361.5 million from $390.3 million in the third quarter of 2020.
  • The ACV billings of NTNX recorded growth of 18% over the year to reach $159.9 million as compared to $135.3 million in the same tenure of the previous year.

Fourth Quarter Financial Outlook for NTNX stock:

  • Nutanix stock projected ACV Billings in the range of $170 – $175 million for the fourth quarter of 2021.
  • Non-GAAP gross margin would be between 81.5% to 82.0% approximately.
  • No-GAAP operating expenses for NTNX stock projected to be in the range of $380 – $385 million in the fourth quarter of 2021.

Business Developments:

  • Nutanix stock has made a partnership agreement in order to deliver as a service solution for hosted desktops for the convenience of customers.
  • Nutanix stock extended its cloud platform to AWS GovCloud in order to provide improved security features to U.S. public sector organizations.
  • NTNX stock collaborated with Microsoft according to which Azure Arc services have been delivered to the Nutanix Kubernetes environment.
  • At the end of the third quarter, approximately 19,430 customers have been reported in the database of Nutanix stock.

In a Nutshell:

After reporting positive third-quarter financial results, NTNX stock went up in the last trade but then profit-takers stepped in due to which NTNX stock became red today.

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