Nutanix stock falls as early results top expectations

Nutanix Inc.
NTNX,
+0.52%
shares rose then fell in the extended session Monday after the hyperconverged-infrastructure company topped expectations with preliminary results. Nutanix shares rose as much as 6% after hours, then fell 3%, following a 0.5% rise in the regular session to close at $28.77. The company said that preliminary second-quarter revenue rose to $486.5 million from $413.1 million in the year-ago quarter, and annual contract value, or ACV, billings rose to $267.6 million from $217.9 million in the year-ago period. Analysts surveyed by FactSet had forecast earnings of 11 cents a share on revenue of $465 million and $247.3 million in ACV billings. Nutanix forecast ACV billings of $220 million to $225 million on revenue of $430 million to $440 million for the third quarter, and ACV billings of $905 million to $915 million on revenue of $1.8 billion to $1.81 billion for the year. Analysts had estimated ACV billings of $219.6 million on revenue of $425.3 million for the third quarter, and ACV billings of $904.2 million on revenue of $1.78 billion for the year. The company has yet to file its quarterly report for the January-ending quarter with the Securities and Exchange Commission because of an accounting matter that has yet to be resolved.