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Revenue grew 18% year-over-year to $486.5 million, compared to the consensus estimate of $464.97M. Annual Contract Value (ACV) billings were up 23% year-over-year to $267.6M.
“We delivered a solid second quarter financial performance against an uncertain macro backdrop, underpinned by the strength of our subscription-based business model,” said Rajiv Ramaswami, President and CEO of Nutanix.
For Q3/23, the company expects revenue in the range of $430-440M, compared to the consensus of $425.38M. ACV billings are seen at $220-$225M.
For the full year, the company expects revenue in the range of $1.8-1.81 billion, compared to the consensus of $1.78B. ACV billings are expected in the range of $905 – $915M.
Furthermore, management said they found out that certain evaluation software from one of its third-party providers was instead used for interoperability testing, validation and customer proofs of concept over a multi-year period. The issue is being investigated by the Audit Committee with the assistance of outside counsel.
The financial impact is being assessed, and additional costs are expected. As a result, financial information regarding expenses for Q2 and for Q3 and fiscal year 2023 has not been provided. The company doesn’t expect to be able to file its Form 10-Q on time or after the allowed 5-day prescribed extension period due to ongoing review.
By Davit Kirakosyan
