Why Shares of Nutanix Are Soaring Today

Shares of Nutanix (NASDAQ: NTNX) jumped on Tuesday after the cloud computing company reported its fiscal first-quarter results. Nutanix beat analyst estimates across the board, and provided guidance that was in line with expectations. The stock was up 16.3% at noon EST today.

Nutanix reported first-quarter revenue of $314.8 million, up 0.5% year over year and about $8.4 million above the average analyst estimate. The company is transitioning to a subscription-based business model, which is putting pressure on sales. Hardware revenue was down significantly from the prior-year period.

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Source Fool.com