Nutanix (NASDAQ: NTNX) reported better-than-expected financial results for the first quarter of 2020. The company reported a non-GAAP loss of $0.71 per share on revenue of $314 million. Analysts had estimated the cloud computing firm to report a loss of $0.75 per share on revenue of $306.41 million. Nutanix stock jumped more than 15% during the after-market session.
On a GAAP basis, Nutanix reported a loss of $1.21 per share in the first quarter of 2020 compared to a GAAP net loss per share of $0.54 in the first quarter of fiscal 2019. Software and Support revenue grew 9% year-over-year to $305 million. Software and Support billings were up 5% to $370.3 million.
Nutanix ended the fourth quarter of fiscal 2019 with 14,960 total customers and closed a record high of 66 deals worth more than $1 million.
For the second quarter of 2020, Nutanix expects non-GAAP net loss per share of approximately $0.70. Software and Support revenue is targeted to be between $330 million and $335 million and Software and Support billings is expected to be between $410 million and $420 million.
For fiscal 2020, the San Jose, California-based tech firm expects Software and Support billings of $1.65 billion and $1.75 billion and Software and Support revenue to be in the range of $1.30 billion and $1.40 billion.
“Our last two quarters of solid execution position us well to deliver on our growth plans for fiscal 2020”, said CFO Duston Williams.
Nutanix shares have gained 46% in the past three months and have dropped 31% since the beginning of 2019.