Nutanix shares jumped 12 percent in extended trading on Thursday after the developer of cloud storage and networking software reported third-quarter revenue that topped analysts’ estimates.
Nutanix, which went public last year, generated sales growth of 67 percent, with new business coming from companies including Caterpillar, Volkswagen and Sprint. Corporations are flocking to Nutanix’s hybrid technology as they manage the transition to the cloud while also keeping key pieces of their infrastructure in-house.
Revenue of $191.8 million topped the $186.6 million average analyst estimate, according to Yahoo Finance. The company’s adjusted loss of 42 cents a share, compared with a 45-cent average estimate from analysts.
Nutanix rose $2.18 to $19.75 after the report. The stock debuted at $16 in September and more than doubled on their opening day to $37. Prior to Thursday’s announcement, the shares were down 34 percent for the year.