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Box Gains After Promising Another Strong Year for Cloud Content

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By Dhirendra Tripathi

Investing.com – Box stock (NYSE:BOX) rose 4% on Thursday after its fourth-quarter sales and profit came in ahead of estimates and the company followed that up with a promise to deliver another strong annual performance in content cloud.

The company closed January with over $1 billion in remaining performance obligations, the 19% increase indicating a healthy revenue stream. Deferred revenue was 15% higher at over $534 million.

Fourth-quarter revenue jumped 17% to $233 million.

The company said new capabilities of its native e-signature product, Box Sign, include workflow features that automate processes once a document has been executed and APIs that power e-signatures in third-party and custom applications. Customers can now also select Box as the default Cloud content management solution in Microsoft (NASDAQ:MSFT) Teams, the company said.

Crispr Therapeutics, Japan Post, Twilio (NYSE:TWLO) and United Parcel Service (NYSE:UPS) are some of the customers Box won or expanded its relationship with in the recent quarter.

Adjusted profit per share rose by 2 cents to 24 cents in the fourth quarter.

The company is now expecting full-year revenue to be $993 million at center of its guidance range, up 13.5%. Adjusted profit per share is seen at $1.12 on the same basis.

Even at the lower end, the company’s projected revenue of $990 million will beat the 2021 growth.

Current-quarter revenue could touch $235 million, up 16%, the company said.

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