Nutanix 's (NASDAQ: NTNX) year went from bad to worse following the May 25 release of the company's fiscal 2022 third-quarter results (for the three months ending on April 30) as investors punished the stock over management's woeful guidance.
Share prices of the enterprise cloud platform provider plunged 23% in a single session despite impressive growth in the company's sales and billings, as well as a reduction in its adjusted loss. Let's see what went wrong for Nutanix last quarter, and check why investors may want to take advantage of the 56% decline in the company's share price this year to buy this cloud stock for the long run.
There was a lot to like about Nutanix's quarterly report. The company's revenue was up 17% year over year to $404 million, while the non- GAAP gross margin increased 160 basis points to 83.3%. Nutanix reported an adjusted loss of $0.05 per share for the quarter. This was a big improvement over the prior-year period's loss of $0.41 per share thanks to a higher proportion of sales coming from the subscription model.
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1 Tech Stock Down 56% That's a Screaming Bargain Right Now