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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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Changes Already Implemented To Solve Issues

Nutanix said it took action in December and January to reallocate dollars toward demand generation, marketing and away from non-sales hiring. “The changes we implemented are already showing early positive signs at the top of the funnel and we expect to see increasing traction in our sales pipeline over the coming quarters,” said Pandey.

Nutanix also said that it has promoted Chris Kaddaras, the company’s head of EMEA sales, to lead both Nutanix’s Americas and EMEA sales organizations in a move to drive revenue.

“Chris has led our EMEA sales engine to tremendous growth over the past two and a half years, turning around the business that was initially challenged and we expect that he will bring the same execution excellence to North America,” said Pandey. “He has the wisdom and a healthy paranoia for operations that are key to success for a high-growth company such as ours. We are in excellent hands with him leading these two important geographies as we try to build an iconic company at such high velocity.”

 

 
 
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