Enterprise cloud computing player Nutanix (Nasdaq: NTNX) recently announced its third quarter results. The market was pleased with Nutanix’s quarterly performance and outlook. Post the results announcement, it’s stock soared 14% in the after-hours trading session.

Nutanix’s Financials

For the third quarter of the year, revenues grew 11% to $448.6 million, ahead of the analyst projections of $433 million. Net loss was $81.2 million, or $0.35 a share, compared with a loss of $112.0 million, or $0.50 a share a year ago. Non GAAP EPS was $0.04 a share, in line with the consensus.

By segment, Nutanix’s support, entitlements and other services revenues grew 16% to $236.1 million, while product revenue grew 6% to $212.5 million.

For the third quarter, Nutanix forecast revenues of $470-$480 million compared with the market’s estimates of $452 million. For fiscal year 2023, the company expects revenue of $1.84-$1.85 billion.

Nutanix’s Growth Focus

Recently, Nutanix announced the release of Nutanix Central, a cloud-delivered single console that provides visibility, monitoring, and management capabilities across public cloud, on-premises, hosted or edge infrastructure. This solution will extend the universal cloud operating model of the Nutanix Cloud Platform to simplify the process of consistently managing apps and data anywhere.

Given the complexity of managing an increasing array of applications across multiple environments, organizations are looking for a seamless hybrid multi-cloud experience. The Nutanix Central solution will simplify management at a large, federated scale across endpoints. It will provide cloud-delivered unified management and reporting of the entire Nutanix environment distributed across private, public, and edge clouds from a single place. It will also support multi-domain use cases including federated identity and access management (IAM), global projects and categories, global fleet management, all enabling IT teams to deliver self-service infrastructure at scale while remaining in control of governance and security.

Nutanix recently announced pioneering plans of a multi-year effort to deliver a portfolio of data-centric Platform as a Service (PaaS) level services available natively anywhere. Known as Project Beacon, the product will allow developers to decouple the application and its data from the underlying infrastructure. It aims to enable developers to build applications once and run them anywhere. Platform services could be delivered with a single API and console, integrated with Kubernetes container orchestration, and consistent management across environments.

Through these services, developers would have access to a suite of data-centric PaaS services whether in native public cloud, on-premises or at the edge, while operations teams would be able to remain in full control of data governance, compliance and data protection. Nutanix is starting the project with a focus on database services. It aims to extend the customer benefits of the Nutanix Database Service solution as a managed service in the public cloud.

Its stock is currently trading at $29.68 with a market capitalization of $6.8 billion. It was trading at a 52-week high of $33.73 in December last year and a 52-week low of $13.44 in June last year.

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