Nutanix stock shoots more than 15% higher after earnings beat

Nutanix Inc.

NTNX, +2.51%

wrapped up a year of transition from a hardware-focused business to a software business with continued declines in sales and losses, but beat diminished expectations with a quarterly report Wednesday afternoon and received a healthy stock bump. Nutanix reported fiscal fourth-quarter losses of $194.3 million, or $1.04 a share, on revenue of $299.9 million, down from sales of $303.7 million a year ago. After adjusting to remove stock-based compensation and other costs, Nutanix reported losses of 57 cents a share, worse than an adjusted loss of 11 cents a share a year ago. Analysts on average expected adjusted losses of 64 cents a share on sales of $294 million, according to FactSet. Nutanix shares, which have lost more than half their value in 2019 amid the bumpy transition, shot more than 15% higher in after-hours trading following the release of the results.

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