Nutanix Inc. shares rose in the extended session Wednesday as the hyperconverged-infrastructure company’s quarterly results and outlook exceeded Wall Street expectations.
shares rose more than 2%, after an initial dip, in Wednesday’s after-hours session, following a 0.1% rise in the regular session to close at $36.95.
The company reported a fiscal fourth-quarter loss of $358.2 million, or $1.68 a share, compared with a loss of $185.3 million, or 93 cents a share, in the year-ago period. The adjusted loss, which excluded stock-based compensation expenses and other items, was 26 cents a share, compared with 39 cents a share in the year-ago period.
Revenue rose to $390.7 million from $327.9 million in the year-ago quarter, while annual contract value billings rose 26% to $176.3 million. Nutanix defines ACV billings as “total annualized value of a contract, excluding amounts related to professional services and hardware.”
Analysts surveyed by FactSet had forecast a loss of 42 cents a share on revenue of $362.9 million and ACV billings of $171.9 million.
In August, Nutanix shares fell after a research firm had warned that sales would come in below expectations.
Nutanix specializes in what is known as hyperconvergence, which essentially combines computer storage and servers in a hybrid-cloud product, allowing businesses to access on-site computing power as well as public-cloud assets.
“We have entered our fiscal 2022 with good momentum and a solid plan for growth, executing on the model we laid out at Investor Day and delivering on our vision of making clouds invisible” said Rajiv Ramaswami, Nutanix chief executive, in a statement.
Nutanix expects ACV billings of $172 million to $177 million in the first quarter, while analysts had forecast $169.3 million.