Nutanix Inc NTNX Shares traded lower in Monday’s after-hours session after the company reported and released preliminary second-quarter results Forecast for the third quarter.

What happened: According to Nutanix, Nutanix reported preliminary revenue of $486.5 million in the second quarter versus estimates of $464.96 million Gasoline Pro.

Annual contract value bills rose 23% year over year, and free cash flow margins rose to record levels.

Said Nutanix its results have not been audited as it was found that a particular evaluation software was used by one of its third parties for interoperability testing, validation and customer proof-of-concept over a multi-year period. The Audit Committee opened an investigation into this, which is still ongoing.

“We delivered a solid second quarter financial performance, underpinned by the strength of our subscription-based business model, against an uncertain macro backdrop,” said Rajiv RamaswamiPresident and CEO of Nutanix.

Nutanix expected Third quarter revenue is expected to be between $430 million and $440 million versus estimates of $425 million. The company expects full-year 2023 revenue to be in a range of $1.8 billion to $1.81 billion versus estimates of $1.78 billion.

Nutanix offers native hybrid cloud capabilities for businesses. The Company will host a conference call at 4:30 pm ET to discuss these results.

NTNX Price Promotion: Nutanix has a 52-week high of $33.73 and a 52-week low of $13.44.

The stock is down 4.45% after the close of business at press time to $27.49 Gasoline Pro.

Photo: Bethany Drouin from Pixabay.