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.
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.