Nutanix revenues jumped 19% in the second quarter
Nutanix has generated positive free cash flow for the first time in three years. The company reported a 19% increase in revenue for its second fiscal quarter to $413.1 million compared to $346.4 million in the year-ago quarter.
Nutanix attributed the increase in revenue largely to the growing industry adoption of hybrid multi-cloud models, the launch of its own hybrid multi-cloud portfolio and the greater-than-expected subscription renewals among existing users.
Rajiv Ramaswami, President and CEO of Nutanix, said, “The performance in the quarter was primarily due to stronger-than-expected renewables. Most of the business results came in as expected, but the variables came in much higher than we had anticipated. That's where we outperformed by quite a bit."
He further added that another driver of growth is the increasing investments in digital transformation projects, further encouraging users to renew their existing contracts. He said that the company added 700 new companies in this past quarter alone.
He further credited the revenue growth in the quarter to Nutanix's partnership with Red Hat. Working together, the two companies have attracted a number of new user organizations, including a large European-based energy service provider and a shipping container company, both using OpenShift, and a large North American retailer running Red Hat Enterprise Linux on the Nutanix Cloud Platform.
Analysts say that Nutanix's partner network, including Red Hat, Citrix and OEM vendors such as HPE and Dell Technologies Inc., has proved to be strategically beneficial to Nutanix, positioning the company to capitalize on new market segments.
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