Why Nutanix Stock Was Soaring Today

Shares of Nutanix (NASDAQ: NTNX), the hybrid cloud infrastructure specialist, were surging higher today after the company delivered a better-than-expected fiscal fourth-quarter earnings report.

As of 11:26 a.m. ET, the stock was up 28.8%.

Nutanix, which appears to be wrapping up a yearslong transition from a hardware company to a subscription software one, said that annual recurring revenue rose 37% in the quarter to $1.2 billion. Due to the timing of contracts and shortening contract lengths, GAAP revenue actually slipped 1% to $385.5 million, but that was still well ahead of analyst expectations at $354.9 million.

Source Fool.com