Enterprise virtualization and storage firm Nutanix Inc. beat market forecasts with its first set of financials following its Sept. 30 initial public offering.

For its first quarter of fiscal year 2017, Nutanix booked revenue of $166.8 million with a loss of 37 cents per share, versus analysts predictions of $152.3 million and a net loss of 44 cents a share.

The $166.8 million revenue figure was up 90 percent versus the same quarter last year, while billings grew to $239.8 million, up 87 percent year-on-year.

GAAP net loss came in at $162.2 million, compared with $38.5 million a year ago, while the loss before certain costs such as stock compensation was $47.8 million versus $32.4 million the year before.

Highlights of the quarter included Nutanix adding 705 new end-customers over the prior quarter, among them 256 customers with lifetime booking over $1 million, to bring their total customer number to 4,473.

“The time warp between an enterprise-friendly VMware and a consumer-friendly AWS is our cloud opportunity,” Nutanix Chairman and Chief Executive Officer Dheeraj Pandey (above) said in a statement. “Our first-quarter results are reflective of the strength of our thesis on how enterprise computing will morph in the coming three to five years.”

For the quarter ahead, Nutanix predicted revenue of between $175 million and $180 million, an adjusted gross margin of 60 percent and an adjusted loss per share of 35 to 36 cents.

Despite beating analysts predictions with their quarterly results, the market didn’t like the forecast for the quarter ahead and drove Nutanix’s stock price down almost percent in after-hours trading to $32.80 a share, well down from its peak price of $44.60 on Oct. 3.

Analysts seem divided on the company going forward, with Credit Suisse Group AG, William Blair and RBC Capital Markets issuing an outperform rating on the stock, Raymond James Financial Inc. giving it a market perform rating and Stifel Nicolaus calling for a hold on the stock.

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