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Why the Nuix (ASX:NXL) share price is crashing 16% lower today



The Nuix Ltd (ASX: NXL) share price is crashing lower on Wednesday following the release of an update to its guidance for FY 2021.

At the time of writing, the investigative analytics and intelligence software provider’s shares are down 16% to $4.27.

What did Nuix announce?

According to the release, during April, a significant and larger than expected number of Nuix’s customers, including one of its largest, elected to transition from module-based subscription licenses to consumption and Software-as-a-Service (SaaS) license models.

This has resulted in a shift in both revenue and Annualised Contract Value (ACV) profiles.

In addition to this, Nuix revealed that some of its law firm, advisory and service provider customers have…

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