By Emon Reiser
Nutanix swung to a profit in the first quarter as product sales and annual recurring revenue climbed.
The cloud computing company reported a profit of $29.9 million, or 10 cents a share, for the three months ended Oct. 31, compared with a loss of $15.85 million, or 7 cents a share, during the same period last year.
Stripping out one-time items, adjusted earnings were 42 cents a share. Analysts surveyed by FactSet expected 32 cents a share.
Revenue rose 16% to $591 million. Analysts surveyed by FactSet were expecting $572 million.
The company's annual recurring revenue increased 18% to $1.97 billion year over year.
Chief Executive Rajiv Ramaswami said the company continued to bring innovations to the market to support the company's vision of becoming the leading platform for running apps and managing data.
During the quarter, the company expanded its partnership with Amazon Web Services and extended its AI infrastructure platform with a new cloud offering.
For the second quarter, Nutanix guided for revenue between $635 million and $645 million. For fiscal 2025, the company guided for revenue between $2.44 billion and $2.47 billion.
Write to Emon Reiser at emon.reiser@wsj.com
(END) Dow Jones Newswires
November 26, 2024 16:41 ET (21:41 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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