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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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Inadequate Marketing Spending For Lead Generation

Nutanix CFO Duston Williams said the company recently identified some “imbalances” in its “lead generation spending.”

“[It was] beginning to impact our sales pipeline. Lead generation spending is a key component to building pipeline, which ultimately significantly impacts bookings, billings and revenue,” said Williams.

Nutanix executives said they started noticing a pattern in the second quarter. “Some of our lead generation efficiencies that we had planned for were not being realized. We began taking actions to reallocate capital back to lead generation spending, while at the same time dialing back on non-sales hiring,” said Williams. “It’s important to note that all this shifting of spend back to lead generation is not an insignificant amount. The magnitude of the shift is in a few tens of millions.”

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