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Nutanix Stock Nosedives: What’s Behind The Plunge?

Nutanix’s market cap dropped from roughly $9 billion to $6 billion overnight after the company reported lower-than-expected guidance for its third quarter. On its second fiscal quarter earnings call Thursday night, executives pointed to a number of issues and what they say they are doing to fix them.

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Nutanix Stock Plummets

Shares for the hyper-converged infrastructure pioneer dropped a whopping 32 percent in after-hours trading Thursday following Nutanix’s second fiscal quarter earnings report. Nutanix’s Nasdaq market cap dropped from roughly $9 billion Thursday to $6 billion as of Friday morning.

“The last two years, a lot of our go-to-market has been around making our existing customers even more successful and it camouflaged some of the things that we needed to do,” said Nutanix CEO Dheeraj Pandey during Thursday night’s earnings call with analysts and media.

San Jose, Calif.-based Nutanix has been a staple in the hyper-converged infrastructure space for years, being name a leader in various research reports including Gartner’s recent Magic Quadrant for Hyper-Converged Infrastructure. Nutanix’s Nasdaq stock fell from $50.09 per share at Thursday’s closing to $34.72 per share as of Friday morning.

Here are the key points Nutanix executives said led to the lower-than-expected guidance and how they will address them.

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