Continuing on with our series of reporting bad financial news from the tech industry, Nimble Storage has reported its first quarter earnings for 2017 and all is not yet lost. In fact, considering they are fending off class-action lawsuits things could have been worse for them. Nimble is reporting higher revenue, however all other indicators are down but beating expectations.
Continuing on with our series of reporting bad financial news from the tech industry, Nimble Storage has reported its first quarter earnings for 2017 and all is not yet lost. In fact, considering they are fending off class-action lawsuits things could have been worse for them. Nimble is reporting higher revenue, however all other indicators are down but beating expectations.
Image courtesy of Yahoo Finance
Nimble’s revenue is up 21% from the same time last year with the company reporting $86.4 million versus $71.3 million this same time last year. In the same time frame their GAAP gross margin is down slightly from 65.2% to 63.4%. Non-GAAP paints a similar picture with nimble now reporting 65.7% compared to last year’s 67.6%. Nimble is again reporting an operating and net loss, GAAP $42.2 million and $42.7 million (or $0.51 per share), respectively. The Non-GAAP operating and net loss were $19.7 million and $20.1 million (or $0.24 per share), respectively.
As stated, Nimble was able to beat expectations. With that, its stock is finally taking a turn for the better after a rough year watching it drop from a high of 31.60 in June 2015 to a low of 5.76 in February 2016. As of this writing the stock is hovering around 9. Nimble stated that they are sticking to their plan of focusing on customers (with a year-over-year growth of 48%) and dealing in larger transactions (deals over $250K were up 51% year-over-year).
Looking forward Nimble is projecting revenue between $93-96 million for its second quarter. It is also expecting a non-GAAP operating loss of $16-18 million, and a non-GAAP net loss per basic share between $0.19 to $0.21.
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