Box Results Beat Views, And Outlook Is In Line, But Shares Slip
Box (BOX) on Wednesday reported first-quarter results that edged past analyst estimates and forecast in-line profit and revenue for the July quarter.
Shares in the online data storage and file-sharing service provider fell 3.3% to 26.95 in after-hours trading on the stock market today.
The company reported an adjusted loss of 7 cents a share, narrowing its loss from a year ago, with revenue rising 20% to $140.5 million, just above consensus estimates.
A year earlier, Box reported a loss of 13 cents per share on sales of $117 million. Analysts expected the company to report a loss of 8 cents. That’s on sales of $139.6 million for the period ended April 30.
Free cash flow increased to $7.3 million from $4 million in the previous quarter.
Box July Quarter Outlook
For the July quarter, the company said it expects a loss of 6 cents vs. estimates for 7 cents. Box forecast revenue of $146.5 million vs. estimates of $146 million.
The online data storage provider has gained 31% in 2018, including 2% in Wednesday’s regular session. Shares traded down in February when guidance disappointed.
Box popped on April 23 after Chamath Palihapitiya, chief executive of venture firm Social Capital, made bullish comments about the company.