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Why Nutanix Stock Was Soaring Today

TheMotleyFool

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Why Nutanix Stock Was Soaring TodayPhoto, wide shot, wide-angle lens, Telecom equipment supplier, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.theapi.app/temp/3967c11c-b755-4d39-87d0-acc853384c80.png

Shares of Nutanix (NASDAQ: NTNX), the hybrid cloud infrastructure specialist, were surging higher today after the company delivered a better-than-expected fiscal fourth-quarter earnings report.

As of 11:26 a.m. ET, the stock was up 28.8%.

Nutanix, which appears to be wrapping up a yearslong transition from a hardware company to a subscription software one, said that annual recurring revenue rose 37% in the quarter to $1.2 billion. Due to the timing of contracts and shortening contract lengths, GAAP revenue actually slipped 1% to $385.5 million, but that was still well ahead of analyst expectations at $354.9 million.

Source Fool.com

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