What Comes Next for Box?
Shares of Box retreated after the cloud services provider reported its most recent quarterly results.
When Box Inc. (NYSE: BOX) reported its most recent quarterly results late on Monday, the firm said that it had a net loss of $0.03 per share and $163 million in revenue. That compared with consensus estimates of a $0.05 per share net loss and $161.45 million in revenue, as well as the −$0.07 per share and $140.51 million posted in the same period of last year.
During the most recent quarter, total revenues saw an increase of 16% year over year, though they were down 0.4% quarter over quarter. Billings for the first quarter were $118.4 million, an increase of 1% from the same quarter of last year.
Deferred revenue as of April 30 was $330.4 million, an increase of 15% from the first quarter of fiscal 2019.
Looking ahead to the fiscal second quarter, the company expects to see a net loss per share in the range of $0.29 to $0.28 and revenue in the range of $169 million to $170 million. The consensus estimates call for a net loss of $0.02 per share and $170.8 million in revenue for the quarter.
[nativounit]
Aaron Levie, co-founder and CEO of Box, commented:
In the first quarter, we drove record add-on product attach rates of more than 90% across our six-figure deals. Customers are increasingly adopting Box as a platform for secure content management, workflow, and collaboration. While we are encouraged by the demand for these larger, more strategic deployments, these deals often have longer sales cycles, which is reflected in our updated guidance. Our go-to-market initiatives, in combination with our expanded product portfolio, will enable us to improve sales productivity and meet the demand for Cloud Content Management.
Shares of Box traded down about 10% to $16.17 on Tuesday, in a 52-week range of $15.30 to $29.79. The consensus price target is $24.67.
[recirclink id=551471]
[wallst_email_signup]
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
