Nutanix Shares Drop 7% Despite Q2 Preliminary Results Beat Estimates 
<p><a href='https://financialmodelingprep.com/financial-summary/NTNX'>Nutanix (NASDAQ:NTNX)</a> shares fell more than 7% intra-day today despite the company posting above the Street Q2 preliminary results.</p>
<p>Revenue increased 18% year-over-year to $486.5 million, beating the Street estimate of $464.97M. ACV billings grew 23% year-over-year to $267.6 million.</p>
<p>For Q3/23, management anticipates revenue to be in the range of $430-440 million, above the Street estimate of $425.38 million. ACV billings are expected to be in the range of $220-$225 million.</p>
<p>For the full 2023-year, management sees revenue in the range of $1.8-1.81 billion, above the Street estimate of $1.78B. ACV billings are seen at $905 - $915 million.</p>
<p>Management noted that it recently discovered that the software they were using from a third-party provider that was intended to be used only for evaluation purposes was being used by Nutanix for interoperability testing, validation, and customer POCs over a multi-year period. The audit committee has started an investigation and there are likely to be additional costs. As a result, Nutanix will reschedule its investor day to the summer of 2023. Management believes the investigation will not have an impact on topline metrics and remains comfortable with its FCF guide after factoring in a potential impact from the investigation. </p>

NASDAQ:NTNX