Nutanix, Inc. (NASDAQ: NTNX) shares jumped about 6% Wednesday after the company announced financial results for its first quarter of fiscal 2019, ended October 31, 2018. Nutanix provides cloud software and hyperconverged infrastructure solutions, making infrastructure invisible so that IT can focus on the applications and services that power their business. Nutanix has clients around the world, as the company’s Enterprise Cloud OS platform is a popular service. The cloud platform provides one-click application management and mobility across public, private and distributed edge clouds so they can run any application at any scale with a dramatically lower total cost of ownership.
The company’s revenue for the quarter is $313.3 million, and increase from the $275.6 million in the first quarter of fiscal 2018. Revenue from the Software and Support segments was $280.7 million, growing 44% year-over-year from $194.7 million in the first quarter of fiscal 2018.
The company’s GAAP net loss is $94.3 million, compared to a GAAP net loss of $61.5 million in the first quarter of fiscal 2018; Non-GAAP net loss of $23.7 million, compared to a non-GAAP net loss of $24.7 million in the first quarter of fiscal 2018.
“Our results this quarter prove that our core business continues to grow strongly and put us on a solid path to meet our goal of at least $3 billion in software and support billings by 2021,” said Dheeraj Pandey, Chairman, Founder and CEO of Nutanix. “51% of our billings in our first quarter were derived from subscriptions, up from 31% in the same quarter last year, and our subscription revenue grew 104% year-over-year. As we look ahead, we expect to continue this shift towards subscription, driving a cloud-like, pay-as-you-grow business model.”