Recently enterprise cloud computing player Nutanix (Nasdaq: NTNX), reported its second quarter results that surpassed market expectations. The market was pleased with its performance and the stock climbed 5% in the after-hours trading session.

Nutanix’s Financials

For the second quarter of the year, revenues dropped 0.1% to $346.4 million, ahead of the market’s forecast of $329.07 million. ACV billings grew 14% to $159.2 million. Net loss was $5.1 million, compared with a loss of $4.6 million a year ago.

By segment, Nutanix’s Product revenues fell 18.2% to $174.8 million while revenues from support, entitlements and other services grew 28.9% to $171.6 million.

Nutanix ended the quarter with over 18,770 end-customers, including 950 of the Global 2000.

For the current quarter, Nutanix forecast ACV billings of $150-$155 million.

Nutanix’s Cloud Expansion

Recently, Nutanix announced additional ransomware protections in its cloud platform. The protections include threat monitoring and detection as well as granular data replication and robust access controls. All these protections are natively built into its Nutanix stack. The new capabilities add onto its existing offerings for network security, files and object storage, virtualization, and business continuity, allowing companies to prevent, detect, and recover against ransomware attacks.

In addition to the new ransomware protections, Nutanix announced the extension of its storage services to its hybrid cloud platform. The extensions allow Nutanix customers to deploy an easy-to-use and scale-out storage fabric across the cloud environments to effectively manage costs and simplify data management by moving IT teams towards a hybrid cloud operating model. The enhancements focus on the launch of its service, Nutanix Clusters, which supports its hyper-converged infrastructure that runs in AWS and will also support Microsoft Azure in the future.

Nutanix currently has a thriving developer community that has access to its platform using REST APIs. Over 104,000 developers on its platform can access pre-defined code samples that operate on various languages including Python, C#, and PowerShell. They can leverage these codes to streamline the deployment of new and rebuilt Nutanix clusters. They have tech partners, but they don’t seem to have an ISV PaaS strategy.

Last year, Nutanix had also released a Kubernetes PaaS solution that was built for the multi-cloud environment. It provides developers the ability to securely connect to their existing data lakes in any cloud using the built-in data interfaces with multiple cloud services including AWS S3, Azure Blob Storage, and GCP CloudStorage. Known as Karbon Platform Service (KPS) KPS, the solution is helping democratize containers beyond DevOps for IT operators.

Its stock is currently trading at $26.22 with a market capitalization of $5.36 billion. It was trading at a 52-week high of $35.58 in February this year. It fell to a 52-week low of $13.76 in March last year amid the turmoil.