Nutanix Inc (NASDAQ:NTNX) recently announced its financial results for the second quarter ended January 31, 2024, demonstrating strong growth and financial performance despite economic challenges. The company reported a 26% increase year-over-year in Annual Recurring Revenue (ARR), reaching $1.74 billion, and a 16% increase in revenue to $565.2 million. Nutanix also achieved GAAP operating income of $37.0 million, a significant improvement from the previous year.
Additionally, the company generated a robust free cash flow of $162.6 million, up from $63.0 million in the same quarter last year. Nutanix’s gross margin also improved, with GAAP gross margin reaching 85.6% and non-GAAP gross margin at 87.3%. Looking ahead, the company provided guidance for the third quarter of fiscal 2024, expecting revenue between $510 – $520 million and a non-GAAP operating margin of 7.5% to 8.5%.
CEO Rajiv Ramaswami expressed confidence in the company’s performance and strategic direction, highlighting its position as a leader in hybrid multicloud computing. CFO Rukmini Sivaraman emphasized the balance of top and bottom line performance, underscoring Nutanix’s progress in driving operational efficiency and optimizing results.
Overall, Nutanix’s strong financial results and positive outlook demonstrate its successful transition to a subscription-based business model and its ability to meet the evolving demands of the hybrid multicloud market. With a focus on innovation and customer-centric solutions, the company is well-positioned for growth and profitability in the competitive software industry.
Investors and analysts interested in learning more about Nutanix’s financial performance can access the company’s second quarter fiscal 2024 earnings presentation and participate in the webcast and conference call hosted by Nutanix executives. The company’s ability to generate strong free cash flow and achieve GAAP operating profitability for the first time underscores its operational efficiency and prudent financial management, making it an attractive option for potential investors seeking growth opportunities in the technology sector.
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https://finance.yahoo.com/news/nutanix-inc-ntnx-reports-solid-213230824.html
