Nimble Storage Shares Rise On Upbeat Results

Shares of

gained more than 2 percent in after-hours trading after the company reported better-than-expected results for the first quarter on Tuesday. The San Jose, California-based company reported a quarterly loss of $29 million, or $0.38 per share, versus a year-ago net loss of $19.6 million, or $0.28 per share. Excluding items, the company lost $0.10 per share. Its revenue jumped 53 percent year-over-year to $71.3 million from $46.5 million. However, analysts were expecting a loss of $0.13 per share on revenue of $69.77 million. The average estimate among 10 Estimize users was for a loss of $0.13 per share and revenue of $69.91 million. Its non-GAAP gross margin for the first quarter widened to 67.6 percent, versus 66.2 percent in the year-ago quarter. Non-GAAP operating loss came in at $7.9 million, versus a loss of $10.1 million. "As enterprises aim to consolidate storage infrastructure to contain cost and complexity, while still delivering tailored service levels for hundreds of business-enabling applications, we believe that we stand alone in our ability to address the broadest spectrum of requirements among next-generation flash-optimized storage platforms," said Suresh Vasudevan, chief executive officer, Nimble Storage. "Our Q1 results serve as evidence of our continued momentum. During the quarter, we added 542 new customers, more than doubled our bookings from enterprise and service provider customers, and achieved record bookings contribution from current customers expanding their Nimble installations." For the current quarter, Nimble Storage projects a loss of $0.12 per share to $0.11 cents per share, on revenue of $77 million to $79 million. Nimble Storage shares rose 2.36 percent to $26.00 in the after-hours trading session.