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5 Reasons Why Nutanix Stock Is Soaring

From new focus on hyperscale public cloud provides like AWS to transition from hardware to software and services, here are five reasons why Nutanix stock is spiking today.

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Successful Transition To Software And Subscriptions

It’s now official. Nutanix has successfully transitioned from a hyperconverged infrastructure appliance company into a true software and subscriptions titan over the span of approximately two years.

Hardware revenue accounted for only $9.7 million in the quarter, representing only 3 percent of Nutanix’s overall sales. During the same quarter one year ago, Nutanix generated $32.5 million in hardware revenue, representing more than 10 percent of overall sales.

Nutanix reported software and support sales reaching $305 million, up 9 percent year over year in the first quarter of 2020. The company also saw deferred revenue skyrocket nearly 40 percent year over year to $975 million in its first quarter. Subscription billings now account for 73 percent of total billings while subscription revenue accounts for 69 percent of total revenue.

Investors care more about revenue stemming from software and subscriptions compared to hardware sales, which is a key reason why Nutanix stock soared on flat year over year total revenues. Nutanix also gave a positive software and support revenue guidance of between $330 million and $335 million for its current second fiscal quarter.

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