(Nutanix) Shares of Nutanix Inc. crashed more than 37% on Thursday despite reporting a revenue of $403.7 million in the third quarter of 2022. The revenue was 17% higher than the prior year.
The company reported an Annual Contract Value billings of $204.7 million, an increase of 28% from the prior year. The Annual Recurring Revenue was $1.1 billion, an increase of 46% from the prior year.
Net loss in the third quarter was reported at $111.64 million, wider than a loss of $123.6 million in the prior year.
The company projects revenue of between $340 million to $360 million in the fourth quarter. Revenue in the FY22 is expected at between $1.535 billion to $1.555 billion.
ACV billings are expected at between $175 million and $185 million in the fourth quarter. ACV billings are expected at between $735 million and $745 million in FY22.
Rajiv Ramaswami, President and CEO of Nutanix, cited the lower outlook for supplying chain challenges.
NTNX: NASDAQ is down -37.58% in premarket.
