Nutanix Inc. (NTNX) had a rough Tuesday evening, watching its shares tumble after delivering first-quarter results that fell short of what analysts were expecting.

The company posted Q1 revenue of $670.58 million against estimates of $676.75 million, while adjusted earnings per share came in at just 21 cents—half the 41-cent consensus forecast. Revenue did climb 13% year-over-year, but that wasn't enough to satisfy the Street.

So what happened? According to Nutanix, some bookings that were expected to land in the first quarter ended up getting pushed to later periods. It's a timing issue, essentially.

"We expect that the revenue over time remains unchanged. We expect this dynamic to continue and have factored it in our Q2 and updated full-year revenue guidance," explained Rukmini Sivaraman, CFO of Nutanix.

There was a silver lining: the company raised its full-year free cash flow guidance to between $800 million and $840 million for fiscal 2026. Sivaraman added that "underlying demand and our view of business fundamentals for Nutanix remain unchanged."

But the guidance cuts overshadowed any positives. Nutanix is now projecting second-quarter revenue of $705 million to $740 million, below the $749.09 million estimate. Full-year revenue expectations dropped to $2.82 billion to $2.86 billion, down from the $2.92 billion consensus.

NTNX Price Action: Nutanix shares were down 15.25% in after-hours trading, sitting at $49.81 at the time of publication Tuesday.