Nutanix, Inc. ($NTNX) Q3 2023 Earnings Call Summary

Nutanix, Inc. ($NTNX) Q3 2023 Earnings Call Summary

Posted: 1 week, 2 days ago // May 25, 2023 11:19 a.m. UTC

Here is a summary of Nutanix, Inc.'s Q3 2023 earnings call, which took place on May 24:

- Nutanix delivered solid Q3 results with strong performance in renewals business.

- Sales cycles have been elongated due to increased inspection of deals in uncertain macro backdrop.

- Supply chain constraints with server partners appear to have normalized and have minimal impact on business.

- Audit Committee investigated third-party software usage and identified and addressed material weakness in internal control over financial reporting.

- New data services, Nutanix Data Services for Kubernetes, was announced to bring the full power of enterprise-class storage to Kubernetes applications.

- Q4 2023 guidance includes ACV billings of $240 million to $250 million and revenue of $470 million to $480 million.

- Customers are more carefully considering what applications to run on-prem versus in the public cloud, benefiting Nutanix's strategy for hybrid multi-cloud operations.

- Nutanix has raised its revenue guidance by $40 million, despite cautious sentiment due to the elongated sales cycles.

- Engaging with service provider partners is an untapped opportunity, with higher hopes for service providers as a strong channel going forward.

- Cost optimization is a key part of many customers' thinking, leading to a change in dialogue over the past year.

This is an AI generated summary. There may be inaccuracies.

Relevant tickers: NTNX