Nutanix Inc (NASDAQ: NTNX) stock enhanced over 8.9% on November 28^th, 2018 pre market session as the company posted better than expected results for the first quarter of FY 19. The company posted the Billings of $383.6 million, up from $315.3 million in the first quarter of fiscal 2018. This reflects the elimination of approximately $104 million in pass-through hardware revenue in the first quarter of fiscal 2019, up from $8 million in the first quarter of fiscal 2018, as the company nears the completion of its shift toward increasing software revenue. The company delivered Non-GAAP net loss of $23.7 million, compared to a non-GAAP net loss of $24.7 million in the first quarter of fiscal 2018. Nutanix ended the first quarter of fiscal 2019 with 11,490 end-customers. First quarter results included deals with ABN AMRO Clearing Bank, AccorHotels, Airbus, Inchcape plc, JSE Limited, Shinsei Bank, Limited, Wintrust Financial Corporation and more.

NTNX in the first quarter of FY 19 has reported the adjusted loss per share of 13 cents, beating the analysts’ estimates for the adjusted loss per share of 27 cents, as per Zacks Investment Research. The company had reported the adjusted revenue of $313.3 million in the first quarter of FY 19, beating the analysts’ estimates for revenue of $304.8 million. This reflects the elimination of approximately $104 million in pass-through hardware revenue in the first quarter of fiscal 2019, up from $8 million in the first quarter of fiscal 2018, as the company nears the completion of its shift toward increasing software revenue.

Meanwhile, NTNX announced the general availability of Xi IoT, which is a new edge computing service offered as part of the company’s Xi Cloud Services. Combining the simplified elegance of core Nutanix solutions with a streamlined approach, Xi IoT eliminates complexity, accelerates the speed of deployment and elevates developers to focus on the business logic powering IoT applications and services. Nutanix Xi IoT will focus on the manufacturing, retail, oil and gas, healthcare, and smart cities markets at launch.

For the second quarter of fiscal 2019, Nutanix expects revenue between $325 and $335 million, billings o be between $410 and $420 million, Non-GAAP gross margin to be between 78% and 79%, Non-GAAP operating expenses to be between $300 and $310 million and Non-GAAP loss per share of approximately $0.25, using approximately 180 million weighted shares outstanding