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Here Are 5 Reasons Why Nutanix’s Stock Price Is Dropping

These are the five main reasons why Nutanix’s stock is down 28 percent Thursday.

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Lowering Full Fiscal Year Guidance Due To Coronavirus Fears

The coronavirus epidemic continues to hit the worldwide IT industry hard.

Uncertainty due to the coronavirus was one of the two main reasons Nutanix cited as to why it lowered revenue guidance for its current full fiscal year 2020.

“We are in an environment that is murky due to the impact of the coronavirus—dealing with the unknown for the first time in the company’s decade-long history,” said Nutanix CEO Dheeraj Pandey during the company’s second fiscal quarter 2020 earnings call with media and analysts. “Hence, we are cautious about our second-half guidance.”

The company previously projected total fiscal year 2020 software and support revenue of between $1.3 billion and $1.4 billion, with billings between $1.65 billion and $1.75 billion. Nutanix now projects total fiscal year 2020 software and support revenue to be between $1.29 billion and $1.36 billion, with billings between $1.6 billion and $1.67 billion.

“If you look at the impact of the coronavirus in general and the verticals that it hits—it’s retail, transportation, manufacturing, hospitality and travel and all that stuff,” said Duston Williams, chief financial officer at Nutanix. “It’s kind of a ripple effect.”

 
 
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